Footwear retailer Metro Brands’ IPO to open on December 10, Retail News, ET Retail

New Delhi: The initial stock sale of shoe retailer Metro Brands Ltd, which is backed by Rakesh Jhunjhunwala, will open for public subscription on December 10. The initial public offering (IPO) will close on December 14, according to the red herring prospectus.

The initial share sale includes a new issue of shares valued at Rs 295 crore and an offer to sell 2.14 crore of shares by promoters and other shareholders.

Thanks to the IPO, the promoters of the company will offload nearly 10 percent of the capital. After the IPO, the stake of the promoter and the promoter group in the company will increase to 75 percent from the current level of around 85 percent.

Proceeds from the new issue will be used for the expenses of opening the Company’s new stores, under the “Metro”, “Mochi”, “Walkway” and “Crocs” brands and for general corporate purposes.

At present, the company has 586 stores in 134 cities spread across India. Of these, 211 stores have been opened in the past three years. The company is an Indian footwear retailer targeting the economy, mid-range and high-end segments of the footwear market.

It opened its first store under the Metro brand in Mumbai in 1955 and has since grown into a one-stop-shop for all footwear needs, retailing a wide range of branded products for the whole family, including men, women and men. women, unisex and children, and for all occasions, including casual and formal events.

Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors are primarily responsible for the IPO.

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