New Delhi: Footwear retailer Metro Brands Ltd, backed by ace investor Rakesh Jhunjhunwala, on Thursday said it has collected over Rs 410 crore from anchor investors ahead of its IPO roll-out on Friday, according to PTI.
According to a BSE circular, the company has allotted 82.05 lakh equity shares of Rs 500 each to anchor investors, taking the total transaction size to Rs 410.25 crore.
Societe Generale, Goldman Sachs, Abu Dhabi Investment Authority, HDFC Life Insurance Company, SBI Life Insurance Company Limited, Tata AIA Life Insurance Company Limited, HDFC Mutual Fund (MF), Aditya Birla Sun Life MF, Sundaram MF and ICICI Prudential MF . Anchor Investor.
The initial share-sale includes issue of equity shares worth Rs 295 crore and offer for sale of 2.14 crore equity shares by promoters and other shareholders.
The promoters of the company will sell around 10 per cent stake through the IPO. Presently, the promoters and promoter group hold 84 per cent stake in the company.
With a price band of Rs 485-500 per share, the issue will open for public subscription on December 10 and end on December 14.
At the upper end of the price band, the public issue is expected to fetch Rs 1,367.5 crore.
The proceeds from the fresh issue will be used towards the expenses of opening new stores of the company under the brands ‘Metro’, ‘Cobbler’, ‘Walkway’ and ‘Crocs’ and for general corporate purposes.
Presently, the company has 598 stores in 136 cities spread across India.
Half of the issue size is reserved for Qualified Institutional Buyers (QIBs), 15 percent for non-institutional investors and 35 percent for retail investors.
Investors can bid in a minimum of 30 equity shares and multiples thereof.
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 grown into a one-stop shop for all footwear needs.
Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors are the book running lead managers of the IPO.
(Except for the title, this report has not been edited by ABP Live staff)
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