Metro to enter share bazaar with IPO on Dec 10
Mumbai: The initial 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, according to the red herring prospectus. The initial share-sale comprises fresh issuance of equity shares worth Rs 295 crore and an offer for sale of 2.14 crore equity shares by promoters and other shareholders.
At present, the company has 586 stores in 134 cities spread across India. Of these, 211 stores were opened in the last three years. The company is an Indian footwear retailer targeting the economy, mid and premium segments in the footwear market. It opened its first store under the Metro brand in Mumbai in 1955 and has since evolved into 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, and for every occasion including casual and formal events.
Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors are the book running lead managers to the IPO.