Jhunjhunwala-backed Metro Brands IPO opens on Dec 10: Price band, lot size & other details

Jhunjhunwala-backed Metro Brands IPO opens on Dec 10: Price band, lot size & other details
© Provided by Business Today Jhunjhunwala-backed Metro Brands IPO opens on Dec 10: Price band, lot size & other details

Footwear retailer Metro Brands has fixed a price band of Rs 485-500 per share for its upcoming initial public offering (IPO).  The IPO of the firm backed by ace investor Rakesh Jhunjhunwala will open on December 10. Rekha Jhunjhunwala, wife of Rakesh Jhunjhunwala, is the third-largest shareholder in the company, owning a 14.73 per cent stake.

Metro Brands is the second IPO of a firm backed by Rakesh Jhunjhunwala this month, followed by Star Health and Allied Insurance Company. The issue through which Metro Brand plans to raise Rs 1,368 crore will close on December 14.

The IPO comprises fresh issue of equity shares worth Rs 295 crore and an offer for sale of 2.14 crore equity shares by promoters and other shareholders. Currently, the promoters and promoter group hold 84 per cent stake in the company. The company’s promoters will offload nearly 10 per cent stake through the share sale.

Also read: Jhunjhunwala-backed Star Health IPO just about manages to scrape through

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and 35 per cent for retail investors. The IPO’s lot size is 30 shares for which one will have to spend Rs 15,000. A retail-individual investor can apply for up to 13 lots or 390 shares by spending Rs 1,95,000.

The bidding for anchor investors will be held on December 9. The allotment of shares will be finalised on December 17, 2021 and the firm will make its debut on BSE and NSE on December 22. Link Intime India Private Ltd is the registrar to the IPO.

Watch video: Big Bull-backed Star Health IPO sees 79% subscription, watch what Profitmart Securities’ view

Proceeds of the issue will be used toward expenditure for opening new stores under the Metro, Mochi, Walkway and Crocs brands and for general corporate purposes. Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors are the book running lead managers to the IPO.

Currently, the company has 598 stores in 136 cities spread across India. Of these, 211 stores were opened in the last three years. The company sells footwear brands such as Metro, Mochi, Walkway, Da Vinchi and J Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim and Fitflop. It also offers accessories, such as belts, bags, socks, masks and wallets at its stores.

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