Shares of footwear retailer Metro Brands on Wednesday listed with a discount of nearly 13 per cent from the issue price of Rs 500 and settled over 1 per cent lower.

The stock listed at Rs 436, a decline of 12.8 per cent against the issue price on BSE. During the day, it tumbled 14.78 per cent to Rs 426.10. It settled at Rs 493.55, a discount of 1.29 per cent.

On NSE, it made its debut at Rs 437, a discount of 12.6 per cent. It settled at Rs 493.35, lower by 1.33 per cent.

The company commanded a market valuation of Rs 13,400.25 crore on BSE.

In volume terms, 7.76 lakh shares were traded on BSE and over 1.97 crore on NSE.

The initial public offer of Metro Brands was subscribed 3.64 times on the last day of subscription on Tuesday last week.

The Rs 1,367.5-crore IPO had a price range of Rs 485-500 per share.

The initial public offer (IPO) had a fresh issue of Rs 295 crore and an offer-for-sale of up to 2,14,50,100 equity shares.

Currently, the company has 598 stores in 136 cities spread across the country