Footwear retailer Metro Brands has submitted preliminary papers with capital markets regulator SEBI to raise funds through initial public offering (IPO). As per the draft Red Herring Prospectus (DRHP), the IPO will involve issue of fresh shares worth Rs 250 crore and offer for sale (OFS) of 2,19,00,100 equity shares by the shareholders.
The company may also consider a pre-IPO placement of Rs 10 crore. If this is done, the size of the new issue will be reduced.
The company has said that it will use the proceeds from the offering of new shares to open new stores under the Metro, Cobbler, Walkway and Crocs brands and for the normal functioning of the company.
These shares of Rakesh Jhunjhunwala-invested Tata group saw a 54% rally, what do you have
As of March 2021, the company had 586 stores in 134 cities across 29 states and union territories. The company is also backed by noted investor Rakesh Jhunjhunwala.
It 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 retailed a range of family branded products including men’s, women’s, unisex and children’s where you can now find many different retail footwear brands in a single store. can.
Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors have been appointed as merchant bankers to advise the company on the IPO.
Facebook us for social media updates (https://www.facebook.com/moneycontrolhindi/) and Twitter (.) to follow.