Metro Brands to launch IPO on December 10
Footwear brand Metro Brands Limited plans to launch its initial public offering and open itself up for public subscription on December 10. The IPO will run until December 14.
The upcoming IPO will see Metro Brand’s promoters offload a 10% stake in the business, the Press Trust of India reported. This will reduce the promoter and promoter group holding in the business from around 85% to 75%.
The initial share-sale will also comprise a fresh issue of Rs 295 crore ($44.3 million) worth of equity shares as well as an offer for sale on Rs 2.14 crore of equity shares by the promoters and other shareholders. The IPO’s book running lead managers include businesses Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities, and Motilal Oswal Investment Advisors.
Metro Brands plans to use proceeds from the IPO for brick-and-mortar expansion for its brands Metro, Mochi, Crocs, and Walkway. The business will also use the funds for general corporate purposes, ET Bureau reported .
The business currently has a brick-and-mortar presence in 134 Indian cities. Metro Brands has expanded its retail footprint significantly in the past three years and opened 211 stores across the country.
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