Home Business Rakesh Jhunjhunwala-Backed Footwear Retailer Metro Brands raises Rs 410 Cr From Anchor Investor

Rakesh Jhunjhunwala-Backed Footwear Retailer Metro Brands raises Rs 410 Cr From Anchor Investor

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New Delhi: Footwear retailer Metro Manufacturers Ltd, which is backed by ace investor Rakesh Jhunjhunwala, on Thursday mentioned it has collected slightly over Rs 410 crore from anchor buyers forward of its IPO roll-out on Friday, based on PTI.

The corporate has allotted 82.05 lakh fairness shares to anchor buyers at Rs 500 apiece, taking the whole transaction dimension to Rs 410.25 crore, based on a BSE round.

Societe Generale, Goldman Sachs, Abu Dhabi Funding Authority, HDFC Life Insurance coverage Firm, SBI Life Insurance coverage Co Ltd, Tata AIA Life Insurance coverage Co Ltd, HDFC Mutual Fund (MF), Aditya Birla Solar Life MF, Sundaram MF and ICICI Prudential MF are among the many anchor buyers.

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

By way of the IPO, the corporate’s promoters will offload almost 10 per cent stake. Presently, the promoters and promoter group maintain 84 per cent stake within the firm.

The difficulty, with a worth band of Rs 485-500 per share, opens for public subscription on December 10 and can conclude on December 14.

On the higher finish of the worth band, the general public concern is predicted to fetch Rs 1,367.5 crore.

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

At current, the corporate has 598 shops in 136 cities unfold throughout India.

Half of the difficulty dimension has been reserved for certified institutional patrons (QIBs), 15 per cent for non-institutional buyers and 35 per cent for retail buyers.

Buyers can bid for at least 30 fairness shares and in multiples thereof.

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 advanced right into a one-stop store for all footwear wants.

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.

(Apart from the headline, this report has not been edited by ABP Stay workers)

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