The footwear retailer Metro Brands Ltd has launched its Initial Public Offering (IPO) today, 10 December. The IPO is in the news since it is backed by ace investor Rakesh Jhunjhunwala. The price band of the Metro Brands has been fixed at Rs 485-500 per share and the three-day issue is scheduled to close on 14 December.
As per data from the Bombay Stock Exchange, the IPO has been subscribed 0.12 times till date. The retail portion has been subscribed 0.25 times while the other portions are yet to be subscribed.
The company, on 9 December, informed that it has raised Rs 410.25 crore from anchor investors, ahead of its IPO. The footwear brand company aims to raise 1,367.5 crore through the issue. Investors can buy a minimum lot of 30 shares, and its multiples thereafter.
The Metro Brands IPO includes an offer of sale (OFS) of Rs 2.14 crore worth of equity shares by promoters and other shareholders as well as a fresh issue of equity shares worth Rs 295 crore.
The Metro Brands IPO will have 35 percent of the net issue fixed for retail investors while qualified institutional buyers will have 50 percent of the issue reserved for them, the remaining 15 percent has been fixed for non-institutional buyers.
With this fresh flow of money, the footwear company aims to open new stores across the country under its Metro, Mochi, Crocs and Walkway brands.
As of September 2021, Metro Brands has a reach in 30 states and union territories of the country. The footwear brand operates a total of 598 stores in 136 cities. Out of these 598 stores, 211 stores were opened in the last three years.
In fiscal 2021, Metro Brands owned the third highest number of exclusive retail outlets in the country. It owns prominent footwear brands such as Metro, Mochi, Da Vinchi, Walkway, and J. Fontini. It also owns third-party brands like Skechers, Florsheim, Crocs, Clarks, and Fitflop.
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