Metro Brands Limited files DRHP with SEBI.
Metro Brands Limited, one of the largest Indian footwear speciality retailers and amongst the aspirational Indian brand in the footwear category (Source: Crisil Report) has filed its Draft Red Herring Prospectus (DRHP) with the market regulator – Securities Exchange Board of India (SEBI).
Metro Brands plans to raise funds via an Initial Public Offering (IPO) comprising Fresh Issue aggregating up to ₹ 250 crore and Offer For Sale (OFS) up to 21,900,100 Equity Shares by the Selling Shareholders. The face value of equity share is Rs 5.
The company opened its first store under the Metro brand in Mumbai in 1955, and since then evolved into a one-stop shop for all footwear needs, by retailing a wide range of branded products for the entire family including men, women, unisex and kids, and for every occasion including casual and formal events.
As of March 31, 2021, Metro Brands operated 586 Stores across 134 cities spread across 29 states and union territories in India.
The company proposes to utilise net proceed from the issue towards expenditure on opening up new stores and for general corporate purpose. Metro Brands retails 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.
The Book Running Lead Managers to the offer are Axis Capital Limited, Ambit Private Limited, DAM Capital Advisors Limited, Equirus Capital Private Limited, ICICI Securities Ltd and Motilal Oswal Investment Advisors Limited.
The equity shares are proposed to be listed on BSE and NSE.