Metro Brands Raises Rs 410 Crore From Anchor Investors Ahead Of IPO

Footwear retailer Metro Brands Ltd, which is backed by ace investor Rakesh Jhunjhunwala, on Thursday stated it has collected a little bit over Rs 410 crore from anchor buyers forward of its IPO rollout on Friday.The firm has allotted 82.05 lakh fairness shares to anchor buyers at Rs 500 apiece, taking the overall transaction measurement to Rs 410.25 crore, in line with a BSE round.Societe Generale, Goldman Sachs, Abu Dhabi Investment Authority, HDFC Life Insurance Company, SBI Life Insurance Co Ltd, Tata AIA Life Insurance Co Ltd, HDFC Mutual Fund (MF), Aditya Birla Sun Life MF, Sundaram MF and ICICI Prudential MF are among the many anchor buyers.The preliminary share-sale includes recent issuance of fairness shares price Rs 295 crore and a proposal on the market of two.14 crore fairness shares by promoters and different shareholders. Through the IPO, the corporate's promoters will offload practically 10 per cent stake. Currently, the promoters and promoter group maintain 84 per cent stake within the firm.The challenge, with a worth band of Rs 485-500 per share, opens for public subscription on December 10 and can conclude on December 14. At the higher finish of the worth band, the general public challenge is predicted to fetch Rs 1,367.5 crore.Proceeds of the recent challenge will probably be used in the direction of expenditure for opening new shops of the corporate, below the ''Metro'', ''Mochi'', ''Walkway'' and ''Crocs'' manufacturers and for common company functions. At current, the corporate has 598 shops in 136 cities unfold throughout India.Half of the problem measurement has been reserved for certified institutional patrons (QIBs), 15 per cent for non-institutional buyers and 35 per cent for retail buyers. Investors can bid for no less than 30 fairness shares and in multiples thereof.The firm is an Indian footwear retailer, focusing on the economic system, mid and premium segments within the footwear market. It opened its first retailer below the ''Metro'' model in Mumbai in 1955 and has since developed right into a one-stop store for all footwear wants.Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors are the guide working lead managers to the IPO.