Leading footwear retailer Metro Brand's initial public offer (IPO) will open for subscription tomorrow, December 10. Metro Brands Limited (MBL) is one of the largest footwear specialty retailers in the country and caters to the footwear needs through a range of branded products. The company announced today that it has collected a little over Rs 410 crore from anchor investors ahead of its IPO rollout tomorrow.
Backed by ace investor Rakesh Jhunjhunwala, the company operated 598 stores across 136 cities - across 30 states and union territories in India, as of September 2021. Here's what you need to know about Metro Brands IPO:
IPO Dates
The offer will open for subscription on December 10, 2021, and will close on December 14.
Price Band:
Metro Brands has fixed the price band at Rs 485 - 500 per equity share of face value Rs 5 each
Offer Details
At upper price band, the offer is priced at Rs 1,367.5 crore. The offer comprises a fresh issue of shares worth Rs 295 crore and an offer for sale of Rs 1,072.5 crore by promoter selling shareholders who will offload 2.14 crore equity shares.
Lot Size
The bids can be made for a minimum of 30 equity shares and in multiples of 30 shares thereafter. Retail investors can make a minimum investment of Rs 15,000 for a single lot and their maximum investment would be Rs 1.95 lakh for 13 lots.
IPO Objectives
A part of the IPO proceeds will be utilized to fund the expenditure for opening new stores of the company under the “Metro”, “Mochi”, “Walkway” and “Crocs” brands.
Profile
Some of the company's well-known brands include Metro, Mochi, Walkway, Da Vinchi, and J. Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop.
Metro Brands also offer accessories such as belts, bags, socks, masks, and wallets, at their stores. The company also retails footcare and shoe-care products at their stores through the joint venture, M.V. Shoe Care Private Limited.
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