<p>Footwear retailer Metro Brands Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial share-sale.</p>.<p>The initial public offering (IPO) comprises fresh issuance of equity shares worth Rs 250 crore and an offer-for-sale of 21,900,100 equity shares by selling shareholders, according to the draft red herring prospectus (DRHP).</p>.<p>The company will consider a pre-IPO placement aggregating up to Rs 10 crore. If such placement is completed, the fresh issue size will be reduced.</p>.<p>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 and for general corporate purposes.</p>.<p>The company-backed by ace investor Rakesh Jhunjhunwala, is an Indian footwear retailer targeting the economy, mid and premium segments in the footwear market.</p>.<p>It opened its first store under the Metro brand in Mumbai in 1955, and have since evolved into a one-stop shop for all footwear needs, by retailing a wide range of branded products for the entire family including men, women, unisex and kids, and for every occasion including casual and formal events.</p>.<p>As of March, 2021, the company operated 586 stores across 134 cities spread across 29 states and union territories in India.</p>.<p>Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors have been appointed as merchant bankers to advise the company on the IPO.</p>
<p>Footwear retailer Metro Brands Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial share-sale.</p>.<p>The initial public offering (IPO) comprises fresh issuance of equity shares worth Rs 250 crore and an offer-for-sale of 21,900,100 equity shares by selling shareholders, according to the draft red herring prospectus (DRHP).</p>.<p>The company will consider a pre-IPO placement aggregating up to Rs 10 crore. If such placement is completed, the fresh issue size will be reduced.</p>.<p>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 and for general corporate purposes.</p>.<p>The company-backed by ace investor Rakesh Jhunjhunwala, is an Indian footwear retailer targeting the economy, mid and premium segments in the footwear market.</p>.<p>It opened its first store under the Metro brand in Mumbai in 1955, and have since evolved into a one-stop shop for all footwear needs, by retailing a wide range of branded products for the entire family including men, women, unisex and kids, and for every occasion including casual and formal events.</p>.<p>As of March, 2021, the company operated 586 stores across 134 cities spread across 29 states and union territories in India.</p>.<p>Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors have been appointed as merchant bankers to advise the company on the IPO.</p>