Rakesh Jhunjhunwala-backed footwear retailer Metro Brands files IPO papers with SEBI

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.

New Delhi: Footwear retailer Metro Brands Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial share-sale. 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). 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. 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.