Metro Brands sets IPO price range at 485-500 / share

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The initial public offering (IPO) will be open for public subscription on December 10 and will end on December 14.

Shoe retailer Metro Brands Ltd, backed by Rakesh Jhunjhunwala, on December 7 set a price range of 485 to 500 yen per share for its initial sale of shares of 1,368 crore yen.

The initial public offering (IPO) will be open for public subscription on December 10 and will end on December 14. The tender for lead investors will open on Dec. 9, according to the company.

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

Thanks to the IPO, the promoters of the company will offload nearly 10% of the capital.

Currently, the promoters and the group of promoters own an 84% stake in the company.

At the high end of the price range, the public issue is expected to reach 1,367.5 crore.

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

At present, the company has 598 stores in 136 cities spread across India. Of these, 211 stores have been opened in the past three years.

Half the size of the issue was reserved for Qualified Institutional Buyers (QIB), 15% for non-institutional investors and 35% for retail investors.

Investors can bid on a minimum of 30 stocks and in multiples thereof.

The company is an Indian footwear retailer targeting the economy, mid-range and high-end segments of the footwear market.

It retails shoe brands such as Metro, Mochi, Walkway, Da Vinchi, and J Fontini, as well as some third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop. It also offers accessories, such as belts, bags, socks, masks and wallets in its stores.

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 by retailing a wide range of branded products for the whole family including men, women. , unisex and children.

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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