Rakesh Jhunjhunwala-backed Metro Brands IPO to open on 10 Dec; close on 14 Dec

The initial public offering of Rakesh Jhunjhunwala backed Metro Brands Ltd will open on 10 December for subscription and close on 14 December. The firm plans to list on exchanges on 22 December.

The IPO comprises a fresh issue of Rs 295 crore and an offer for sale of upto 21.45 million shares by its existing shareholders and promoters. The proceeds from the issue worth Rs 225.37 crore will be used for opening new stores of the company.

The firm is one of the largest Indian footwear-specialty retailers, and among the aspirational Indian brands in the footwear category. As of September 30, 2021, the firm operated 598 Stores across 136 cities spread across 30 states and union territories in India.

The firm retail footwear under its own brands of Metro, Mochi, Walkway, Da Vinchi and J. Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop, which complement our in-house brands.

Axis Capital, Ambit Pvt Ltd, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors are the book lead managers to the issue.

For the September quarter, the firm reported total income of Rs 489.27 crore against Rs 228.05 crore a year ago. Net profit for the quarter stood at Rs 43.09 crore versus a loss of Rs 41.43 crore last year in the same quarter.

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