Footwear retailer Metro Brands Limited is going to bring IPO. The company has filed preliminary documents i.e. DRHP with SEBI for its primary issue. According to this, new shares worth Rs 250 crore will be issued under the IPO. At the same time, the existing shareholder will sell 2,19,00,100 equity shares under the offer for sale. The company can also bring an IPO of Rs 10 crore on pre-placement. If this is done, the size of the new issue will decrease.
IPO funds will be spent in opening new stores
Axis Capital, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Investment is the Investment Manager for the book running of the company’s IPO. The company has said that it will use the funds raised through the IPO to open new stores under the Metro, Cobbler, Walkway and Crocs brands and meet general corporate requirements.
Adani Wilmar got a setback, SEBI currently halts IPO of 4500 crores
The company has 586 stores in 134 cities
The company had 586 stores in 134 cities across 29 states and union territories as of March 2021. The company is backed by veteran investor Rakesh Jhunjhunwala. The company is active in the footwear market of mid and premium segment. The company opened its first store in 1955 under the Metro brand. After that it expanded. The company makes products according to all types of needs.