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    Jhunjhunwala-backed Metro Brands IPO opens on Dec 10. Check price band and other details

    Synopsis

    Big Bull's spouse Rekha Jhunjhunwala is the third largest shareholder in the company, owning a 14.73 per cent stake. Metro Brands is the second RJ-backed IPO in December so far, followed by Star Health and Allied Insurance Company.

    Metro Brands IPO price band
    NEW DELHI: The initial public offering (IPO) of footwear retailer Metro Brands will hit the primary market on December 10, Friday. The price band for the initial stake sale has been fixed at Rs 485-500.

    Backed by ace investor Rakesh Jhunjhunwala, the footwear player owns renowned brands such as Metro, Mochi, Da Vinchi, Walkway, and J Fontini, and certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop.

    The IPO consists of issuance of fresh equity shares worth Rs 295 whereas promoters and existing shareholders will offload 2,14,50,100 equity shares from their stake via offer-for-sale (OFS).

    In the OFS, promoters will sell 1.30 crores equity shares, whereas promoter group will offload 84.2 lakh equity shares. Other shareholders will liquidate the remaining 8,100 equity shares.

    Investors can bid for a minimum of 30 shares and then in multiples of 3o thereof. The company is eyeing to raise Rs 1,039.6 crore via the primary route. The IPO is open for subscription till December 14, Tuesday.
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    Metro Brands, one of the largest Indian footwear speciality retailers, will utilise its net proceeds from fresh issue for opening new stores, under the 'Metro', 'Mochi', 'Walkway' and 'Crocs' brands, and general corporate purposes.

    In the financial year 2020-21, the company reported a revenue of Rs 800.06 crore with a net profit of Rs 64.62 crore, which was Rs 1,285.16 crore and Rs 64.62 crore in the previous fiscal year.

    In the six-month period ended September 2021, the company recorded a net profit of Rs 43.07 crore and revenue of Rs 456 crore.

    Big Bull's spouse Rekha Jhunjhunwala is the third largest shareholder in the company, owning a 14.73 per cent stake. Metro Brands is the second RJ-backed IPO in December so far, followed by Star Health and Allied Insurance Company.

    About 50 per cent of the net issue is reserved for qualified institutional buyers (QIBs), whereas non-institutional buyers will have 15 per cent shares allocated for them. Retail portion has been fixed at 35 per cent of the offer.

    Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors have been appointed to manage the issue. Link Intime India has been appointed as the registrar to the issue.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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