Profit Sheets

Metro Brands sets IPO price band at RS 485-500 per share

December 7, 2021 12:27 PM

Metro Brands sets IPO price band at RS 485-500 per share
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.

Footwear retailer Metro Brands Ltd, backed by Rakesh Jhunjhunwala, on Tuesday fixed a price band of RS 485-500 a share for its RS 1,368-crore initial share sale. The initial public offering (IPO) will open for public subscription on December 10 and conclude on December 14.

The bidding for anchor investors will open on December 9, according to the company.

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. Through the IPO, the company’s promoters will offload nearly 10 per cent stake.

Currently, the promoters and promoter group hold an 84 per cent stake in the company. At the upper end of the price band, the public issue is expected to fetch RS 1,367.5 crore.

Proceeds of the fresh issue will be used towards expenditure 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.

Also Read : IPOs to Open This Week Know Which One to Buy

Of these, 211 stores were opened in the last three years. Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and 35 per cent for retail investors. Investors can bid for a minimum of 30 equity shares and in multiples thereof.

The company is an Indian footwear retailer targeting the economy, mid and premium segments in the footwear market.

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

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.

Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors are the book running lead managers to the IPO.

Leave a comment

Your email address will not be published. Required fields are marked *


Intraday Tips
Stock Name Open Price Trend Details
Reliance 1930.10 Buy  Click Here
Asian Paints 2577.00 Buy  Click Here
HDFC 2448.00 Buy  Click Here
HDFCAMC 2790.00 Buy  Click Here
TCS 3120.00 Buy  Click Here


NSE Top Gainers/Losers
COMPANY LTP %CHNG VOLUME
ITC 253.75 1.83 1,26,68,576
M&M 807.10 1.73 48,32,584
JSWSTEEL 728.65 1.55 42,75,780
TATACONSUM 776.30 1.36 21,46,724
HINDUNILVR 2,043.00 1.34 16,38,568
COMPANY LTP %CHNG VOLUME
HINDALCO 569.90 -4.98 1,67,38,310
DIVISLAB 4,431.15 -2.37 3,48,495
APOLLOHOSP 4,525.45 -1.94 8,77,622
RELIANCE 2,634.00 -1.46 33,99,115
CIPLA 1,014.65 -1.39 12,17,592