07 December 2021, Mumbai:
The initial share sale of Metro Brands will open for public subscription on December 10, 2021. The initial public offering (IPO) will conclude on December 14. The initial share sale comprises fresh issuance of equity shares worth Rs 295 crores 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 a nearly ten percent stake. Post the IPO, the promoter and promoter group holding in the company will come down to 75 percent from the current level of around 85 percent.
Proceeds of the fresh issue will be used towards expenditure for opening new stores of the company, under the Metro, Mochi, Walkway, and Crocs brands, and for general corporate purposes.
At present, the company has 586 stores in 134 cities spread across India. Of these, 211 stores were opened in the last three years. The company 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 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, and children, and for every occasion including casual and formal events.
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