Metro Brands Limited, a company backed by the ace investor Rakesh Jhunjhunwala has announced that it will open its bid/offer in-relation to its initial public offering on December 10, 2021, and will close the same on December 14, 2021.
The price band of the offer has been fixed at Rs.485 to Rs.500 per equity share of the face value of Rs.5 each.
The initial share sales comprise a fresh issue of equity shares aggregating up to Rs.295 crores by the company and an offer for sale of up to 2.14 crore equity shares by the promoters and stakeholders.
Through the IPO, the company’s promoters will offroad nearly 10% stakes. Currently, the promoters group and promoters hold an 84% stake in the company. Presently, the company has 598 stores in 136 cities spread across India. Out of this, 211 stores were opened in the last three years. In fiscal 2021, Metro Brands had the 3rd highest number of exclusive outlets in India. For the September quarter, the company’s net profit stood at Rs.43 crores versus a loss of Rs.41 crores last year in the same quarter. The brand also reported a total income of Rs.498 crores against Rs.228 crores a year ago.