Public Market

IPO

Footwear retailer Metro Brands files for IPO

Economic Times  

Footwear retailer Metro Brands Ltd has filed preliminary papers for an IPO with capital markets regulator Sebi to raise funds through an initial share-sale. The IPO comprises fresh issuance of equity shares worth INR 250 crore and an offer-for-sale of 21,900,100 equity shares by selling shareholders, according to the draft red herring prospectus (DRHP). The company will consider a pre-IPO placement aggregating up to INR 10 crore. If such placement is completed, the fresh issue size will be reduced. Proceeds of the fresh issue will be used towards expenditure for opening new stores of the company, under the "Metro", "Mochi", "Walkway" and “Crocs” brands.