What are the details of the Metro Brands IPO?
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The dates for the Metro Brands IPO have just been announced. The IPO will open on 10-Dec and close on 14-Dec with likely listing of the shares on 22-Dec. Metro Brands is also backed by Rakesh Jhunjhunwala. The IPO will comprise of a fresh issue of Rs.295 crore and an offer for sale or OFS of 2.145 crore shares by promoters and early investors. The total size of the IPO will only be known after the pricing is finalized in this case.
Metro Brands plans to use Rs.225 crore out of the proceeds from the fresh issue for opening new stores of the company and expanding its footprint across India. Metro is a popular and an aspirational brand in India for footwear. It operates 598 stores across 136 cities in India. It counts some important and well-known brands under its banner like Mochi, Da Vinci and Fontini complemented by third party brands like Crocs, Skechers, Clarks, Florsheim etc.