Footwear retailer Metro Brands has fixed a price band of Rs 485-500 per share for its upcoming initial public offering (IPO). The IPO of the firm backed by ace investor Rakesh Jhunjhunwala will open on December 10. Rekha Jhunjhunwala, wife of Rakesh Jhunjhunwala, is the third-largest shareholder in the company, owning a 14.73 per cent stake.