Report Wire - Footwear retailer Metro Brands IPO to open on December 10

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Footwear retailer Metro Brands IPO to open on December 10

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Footwear retailer Metro Brands IPO to open on December 10

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 preliminary public providing (IPO) will conclude on December 14, in accordance with the pink herring prospectus.
The preliminary share-sale includes recent issuance of fairness shares value Rs 295 crore and a proposal on the market of two.14 crore fairness shares by promoters and different shareholders.
Through the IPO, the corporate’s promoters will offload almost 10 per cent stake. Post the IPO, the promoter and promoter group holding within the firm will come right down to 75 per cent from the present stage of round 85 per cent.
Proceeds of the recent concern might be used in 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 these, 211 shops have been opened within the final three years. The firm is an Indian footwear retailer focusing 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 advanced right into a one-stop store for all footwear wants, by retailing a variety of branded merchandise for the complete household together with males, ladies, 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 Investment Advisors are the guide working lead managers to the IPO.