Metro Brands Limited IPO

Metro Brands Limited, a Indian footwear retailer, is planning to raise Rs 1,367.51 crore through an initial public offering. The public subscription for the IPO will open on December 10, 2021 and close on December 14, 2021. The price band has been fixed at Rs 485-500 per equity share.

The IPO comprises of fresh issue of shares worth Rs 295 crore and Offer For Sales aggregating up to Rs 1072.51 crore. The face value for each share is Rs 5.

Company Summary

Metro Brands is an Indian footwear retailer focussing on economy category as well as mid and premium segments. The company has a wide range of branded products for the entire family, and for every occasion including casual and formal events. As of September 30, 2021, it operated 598 stores across 136 cities spread across 30 states and union territories in India.

The company sells footwear under their own brands such as Metro, Mochi, Walkway, Da Vinchi and J. Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop. The company also sells accessories such as belts, bags, socks, masks and wallets through their retail stores.

The company follows different models to reach out to their customers. They follow a “company owned and company operated” (“COCO”) model of retailing through its own Multi Brand Outlets (“MBOs”) and Exclusive Brand Outlets (“EBOs”), to better manage customer experience at their stores. Its subsidiary Metmill also operate shop-in-shops (“SIS”) in major departmental stores across India. The company also sell their products through various online channels. In fiscal 2021, their in-store product sales, online product sales, and omni-channel product sales represented 91.93%, 6.15%, and 1.09%, of the company’s operating revenue, respectively.

Company Strengths

  • One of India’s largest footwear retailers with country-wide presence.
  • Wide range of brands and expansive product portfolio.
  • Asset-light business model and strong operating efficiency.
  • Presence across multiple formats and channels.
  • Strong promoter background and an experienced management team.
  • Consistent track record of growth and profitability.

Company Financials

Particulars                     For the period ended (Rs in million)
Apr-Sept FY22 FY21 FY20 FY19
Total Assets 17,396.06 16,593.40 16,174.23 13,215.06
Total Revenue 4,892.68 8,785.38 13,110.68 12,368.95
Profit After Tax 430.74 646.19 1,605.75 1,527.31

Company Promoters

Rafique A. Malik, Farah Malik Bhanji, Alisha Rafique Malik, Rafique Malik Family Trust And Aziza Malik Family Trust are the promoters of the company.

Purpose of the IPO

  •  The company plans to use the net proceeds from the fresh issue of the IPO totalling to Rs 225.37 towards opening new stores under the “Metro”, “Mochi”, “Walkway” and “Crocs” brands.
  • The company also need the capital from the fresh issue for general corporate purposes.
  • The net proceeds from the OFS will go to the selling shareholders.  

IPO Details

IPO Opening Date

December 10, 2021

IPO Closing Date

December 14, 2021

Issue Type

Book Built Issue IPO

Face Value

Rs 5 per equity share

IPO Price

Rs 485 to Rs 500 per equity share

Market Lot


Minimum Order Quantity


Listing At


IPO Lot Size

ApplicationLotsSharesAmount (Cut-off)
Minimum130Rs 15,000
Maximum13390Rs 1,95,000

IPO Allotment Details

Metro Brands IPO allotment date is Dec 17, 2021, and the expected return of refund is on Dec 18, 2021.

You can check your allotment in BSE or Linkintime