Metro Brands, a footwear retailer, has filed IPO papers with the Securities and Exchange Board of India (Sebi)
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21th August 2021, Mumbai:
Metro Brands Ltd, a footwear retailer, has filed initial documents with Sebi, the capital markets regulator, to acquire money through an initial public offering (IPO).
As per the draught red herring prospectus, the IPO would include a fresh issuance of equity shares worth Rs 250 crore and an offer-for-sale (OFS) of 21,900,100 equity shares by selling shareholders (DRHP).
A pre-IPO investment of up to Rs 10 crore would be considered by the firm. The size of the new issue will be lowered if this placement is finished.
The proceeds of the new issuance will be used to fund expenses for the company's new stores under the "Metro," "Mochi," "Walkway," and "Crocs" brands, as well as general business reasons. The Indian footwear store, funded by ace investor Rakesh Jhunjhunwala, is aimed at the economy, mid, and luxury sectors of the market. The firm established its first Metro store in Mumbai way back in 1955 and has since developed into a one-stop-shop for all footwear requirements, selling a broad selection of branded items for men, women, unisex, and children, as well as for any occasion including casual and formal occasions.
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As of March 20, 2021, the firm had 586 shops in 134 cities throughout 29 Indian states and union territories. Merchant bankers Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities, and Motilal Oswal Investment Advisors have been mandated to assist the business on its initial public offering.
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