When is the Metro Brands IPO expected to open and what are the issue details?

Metro Brands is backed by Rakesh Jhunjhunwala and is known for its footwear brands across India. With a history of 65 years, Metro Brands operates 598 stores across 136 cities in India. Its store formats are based on the “Company Owned and Company operated (COCO)” model wherein both its exclusive brand outlets (EBO) and multi-brand outlets (MBO) fit into the overall distribution and marketing ecosystem.

The Metro Brands IPO will consist of a fresh issue of Rs.295 crore and offer for sale of 2,14,50,100 shares. The offer for sale is predominantly by the promoter group only. The IPO of Metro Brands will open for subscription on 10-Dec and close for subscription on 14-Dec. The basis of allotments will be finalized on 17-Dec and the demat credit to eligible shareholders will be on 21-Dec. Metro Brands will be listed on the NSE and BSE on 22-Dec.

Metro Brands will use the fresh issue portion of Rs.295 crore for organic expansion by opening new stores for its leading brands like Metro, Mochi, Walkway and Crocs. These could be either in EBO or MBO format. The IPO also intends to list the stock to facilitate market-driven valuation and eventually help position stock as currency. The company has made recent losses due to the impact of the pandemic on retail footfalls.