New Delhi: The initial public offering (IPO) of footwear retailer Metro Brands Ltd backed by investor Rakesh Jhunjhunwala, often referred to as the Warren Buffet of India, will open for subscription on Friday, December 10.
The domestic footwear retailer targets the economy, mid and premium segments in the footwear market.
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Here’s what investors should know about the issue
The Rs 1,368 crore issue will remain open for three days. The price band has been fixed at Rs 485-500 per share.
The IPO will open for public subscription on December 10 and end on December 14. According to the company, the bidding for anchor investors will open on December 9.
According to PTI, 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. At the upper end of the price band, the public issue is expected to garner Rs 1,367.5 crore.
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. Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors are the book running lead managers of the IPO.
The company retails footwear such as Metro, Cobbler, Walkway, Da Vinci and Jay Fontini as well as some third party brands such as Crocs, Skechers, Clarks, Florsheim and FitFlops. It also offers accessories like belts, bags, socks, masks and wallets at its store.
It aims to open new stores under Metro, Cobbler, Walkway and Crocs brands and utilize the amount spent for general corporate purposes. Presently, the company has 598 stores in 136 cities spread across India. Of these, 211 stores were opened in the last three years.
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