Metro Manufacturers units IPO value band at Rs 485-500 /share, Retail Information, ET Retail

Metro Brands sets IPO price band at Rs 485-500 /shareNew Delhi: Footwear retailer Metro Manufacturers Ltd, backed by Rakesh Jhunjhunwala, on Tuesday mounted a value band of Rs 485-500 a share for its Rs 1,368-crore preliminary share sale. The preliminary public providing (IPO) will open for public subscription on December 10 and conclude on December 14. The bidding for anchor traders will open on December 9, in accordance with the corporate.

The preliminary share sale contains recent issuance of fairness shares value Rs 295 crore and a suggestion on the market of two.14 crore fairness shares by promoters and different shareholders.

By the IPO, the corporate’s promoters will offload practically 10 per cent stake.

At the moment, the promoters and promoter group maintain an 84 per cent stake within the firm.

On the higher finish of the value band, the general public situation is predicted to fetch Rs 1,367.5 crore.

Proceeds of the recent situation will probably be used in direction of expenditure for opening new shops below the Metro, Mochi, Walkway and Crocs manufacturers and for basic company functions.

At current, the corporate has 598 shops in 136 cities unfold throughout India. Of those, 211 shops had been opened within the final three years.

Half of the problem dimension has been reserved for certified institutional patrons (QIBs), 15 per cent for non-institutional traders and 35 per cent for retail traders.

Traders can bid for no less than 30 fairness shares and in multiples thereof.

The corporate is an Indian footwear retailer concentrating on the financial system, mid and premium segments within the footwear market.

It retails footwear own-brands like Metro, Mochi, Walkway, Da Vinchi and J Fontini, in addition to sure third-party manufacturers corresponding to Crocs, Skechers, Clarks, Florsheim and Fitflop. It additionally gives equipment, corresponding to belts, luggage, socks, masks and wallets at its shops.

It opened its first retailer below the Metro model in Mumbai in 1955 and has since advanced right into a one-stop-shop for all footwear wants by retailing a variety of branded merchandise for your entire household, together with males, ladies, unisex and youngsters.

Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Funding Advisors are the guide working lead managers to the IPO.

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