Metro Brands’ IPO opens today — here are all the important details you need to know

• Footwear retailer Metro Brands has opened its IPO today and will close on December 14.
• The Rakesh Jhunjhunwala-backed company is looking to raise ₹1,367 crore, which consists of a fresh issue of ₹295 crore and an offer for sale of 2.14 crore shares by promoters.
• Shares of the company are demanding a premium of ₹70 in the grey market while the price band is at ₹485 to ₹500.
  

Marquee investor Rakesh Jhunjhunwala-backed Metro Brands, which is one of the largest Indian footwear specialty retailers in India, has opened its initial public offering (IPO) today, December 10.

Started in 1955 as a footwear specialty retailer in India, Metro Brands now caters to footwear needs of men, women, unisex and kids.

It operates 586 stores across 134 cities spread across 29 states and union territories in India. Some of Metro’s brands include Mochi, Walkway, Davinchi and J. Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop.

Along with physical stores, it sells products through websites, various online marketplaces, as well as, social media platforms.

The IPO consists of a fresh issue of ₹295 crore and an offer for sale of 2.14 crore shares by promoters. The company will use the proceeds from the fresh issue to open new stores under brands such as Metro, Mochi, Walkway and Crocs and remaining funds will be used for general corporate purposes.

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