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Ace investor Rakesh Jhunjhunwala-backed footwear retailer Metro Brands Ltd will roll out its initial public offering (IPO) this week on Friday, December 10 for subscription and the three-day issue will close on December 14. The price band has been fixed at 485-500 per share. The bidding for anchor investors will open on December 9.

Metro Brands shares are commanding a premium (GMP) of 70 in the grey market today. The company's shares are expected to list on exchanges on December 22, 2021.

The initial share sale comprises fresh issuance of equity shares worth 295 crore and an offer for sale of 2.14 crore equity shares by promoters and other shareholders. At the upper end of the price band, the public issue is expected to fetch 1,367.5 crore.

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors and 35% for retail investors. Investors can bid for a minimum of 30 equity shares and in multiples thereof.

Metro Brands will use proceeds of the fresh issue towards expenditure for opening new stores under the Metro, Mochi, Walkway and Crocs brands and for general corporate purposes.

At present, the company has 598 stores in 136 cities spread across India. Of these, 211 stores were opened in the last three years. Metro Brands had the 3rd highest number of exclusive retail outlets in India, in fiscal 2021.

It retails footwear own-brands like 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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