New Delhi: The Initial Public Offering (IPO) of Rakesh Jhunjhunwala-backed footware retailer Metro Brands Limited opened on Friday with a price band of Rs 485 to 500 per equity share.
The issue can be subscribed till December 15.
At the upper price band, the company is expected to fetch Rs 1,367.5 crore which comprises fresh issue of shares worth Rs 295 crore and an offer-for-sale of Rs 1,072.5 crore by promoter selling shareholders who will offload 2.14 crore equity shares.
Amount raised from the issue will be used towards expenditure for opening new stores of the company under the 'Metro Mochi', 'Walkway' and 'Crocs' brands and general corporate purposes.
The lot size will be of 30 shares and the allotment of shares will be finalised by December 17 and the same will be transferred to demat accounts by December 21.
As per the market observers, the Grey Market Premium (GMP) is Rs 80.
The book running lead managers to the IPO are Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors.
It sells footwear under own brands of Metro, Mochi, Walkway, Da Vinchi and J. Fontini, as well as third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop.
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