Footwear retailer Metro Manufacturers IPO to open for subscription on December 10

The preliminary share-sale of footwear retailer Metro Manufacturers Ltd, which is backed by Rakesh Jhunjhunwala, will open for public subscription on December 10.

The preliminary public providing (IPO) will conclude on December 14, based on the purple herring prospectus.

The preliminary share-sale includes contemporary issuance of fairness shares value Rs 295 crore and a suggestion on the market of two.14 crore fairness shares by promoters and different shareholders.

By means of the IPO, the corporate’s promoters will offload practically 10 per cent stake. Put up the IPO, the promoter and promoter group holding within the firm will come right down to 75 per cent from the present degree of round 85 per cent.

Proceeds of the contemporary difficulty can be used in direction of expenditure for opening new shops of the corporate, below the ‘Metro’, ‘Mochi’ , ‘Walkway’ and ‘Crocs’ manufacturers and for normal company functions.

At current, the corporate has 586 shops in 134 cities unfold throughout India. Of those, 211 shops had been opened within the final three years.

The corporate is an Indian footwear retailer concentrating on the financial system, mid and premium segments within the footwear market.

It opened its first retailer below the Metro model in Mumbai in 1955 and has since developed right into a one-stop store for all footwear wants, by retailing a variety of branded merchandise for your entire household together with males, ladies, unisex and youngsters, and for each event together with informal and formal occasions.

Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Funding Advisors are the e-book working lead managers to the IPO.

(Solely the headline and film of this report might have been reworked by the Enterprise Commonplace employees; the remainder of the content material is auto-generated from a syndicated feed.)

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