Footwear retailer Metro Manufacturers IPO to open on Dec 10


New Delhi: The preliminary share-sale of footwear retailer Metro Brands Ltd, which is backed by Rakesh Jhunjhunwala, will open for public subscription on December 10. The initial public offering (IPO) will conclude on December 14, in accordance with the purple herring prospectus.

The preliminary share-sale contains recent issuance of fairness shares price Rs 295 crore and a proposal on the market of two.14 crore fairness shares by promoters and different shareholders.

By way of the IPO, the corporate’s promoters will offload practically 10 per cent stake. Publish the IPO, the promoter and promoter group holding within the firm will come right down to 75 per cent from the present degree of round 85 per cent.

Proceeds of the recent subject can be used in the direction of expenditure for opening new shops of the corporate, beneath the ‘Metro’, ‘Mochi’ , ‘Walkway’ and ‘Crocs’ manufacturers and for common company functions.

At current, the corporate has 586 shops in 134 cities unfold throughout India. Of those, 211 shops had been opened within the final three years. The corporate is an Indian footwear retailer concentrating on the economic system, mid and premium segments within the footwear market.

It opened its first retailer beneath the Metro model in Mumbai in 1955 and has since developed right into a one-stop store for all footwear wants, by retailing a variety of branded merchandise for all the household together with males, girls, unisex and children, and for each event together with informal and formal occasions.

Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Funding Advisors are the guide working lead managers to the IPO.

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