Metro Brands issues IPO for store expansion & general corporate purposes
23rd August 2021, Mumbai:
Footwear retailer Metro Brands has issued an initial public offering (IPO) with capital markets regulator SEBI to raise funds for its store expansion plans and general corporate purposes. The retailer plans to open new stores under the ‘Metro’, ‘Mochi ‘, ‘Walkway’ and ‘Crocs’ brands. The IPO comprises fresh issuance of equity shares worth Rs 250 crore and an offer-for-sale of 21,900,100 equity shares by selling shareholders, according to the draft red herring prospectus (DRHP).
The company-backed by ace investor Rakesh Jhunjhunwala, 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 have 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.
As of March, 2021, the company operated 586 stores across 134 cities spread across 29 states and union territories in India. Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors have been appointed as merchant bankers to advise the company on the IPO.
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