The Initial Public Offering (IPO) will open for public subscription on 10th December and will end on 14th December
Rakesh Jhunjhunwala-backed footwear retailer Metro Brands Ltd on December 7 fixed a price band of ₹485-500 per share for its initial share sale of Rs 1,368 crore.
The initial public offering (IPO) will open for public subscription on December 10 and will end on December 14. According to the company, the bidding for anchor investors will open on December 9.
The initial share sale includes issue of equity shares worth Rs 295 crore and offer for sale of 2.14 crore equity shares by promoters and other shareholders.
The promoters of the company will sell around 10 per cent stake through the IPO.
Presently, the promoters and promoter group hold 84 per cent stake in the company.
At the upper end of the price band, the public issue is expected to fetch Rs 1,367.5 crore.
The proceeds from the new issue will be used for opening new stores under Metro, Cobbler, Walkway and Crocs brands and for general corporate purposes.
Presently, the company has 598 stores in 136 cities spread across India. Of these, 211 stores were opened in the last three years.
Half of the issue size is reserved for Qualified Institutional Buyers (QIBs), 15 percent for non-institutional investors and 35 percent for retail investors.
Investors can bid in a minimum of 30 equity shares and multiples thereof.
The company is an Indian footwear retailer targeting the economy, mid and premium segments in the footwear market.
It retails footwear such as Metro, Cobbler, Walkway, Da Vinci and Jay Fontini, as well as some third-party brands such as Crocs, Skechers, Clarks, Florsheim and FitFlops. It also offers accessories like belts, bags, socks, masks and wallets at its store.
It opened its first store under the METRO brand in Mumbai in 1955 and has since become a one-stop-shop for all footwear needs by retailing a wide range of branded products for the entire family including men, women, unisex and kids. has developed as
Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors are the book running lead managers of the IPO.
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