Metro Brands IPO
Metro Brands IPO — date, price band, lot size & details 2021
Metro Brands listed on 22 Dec 2021 at ₹437, 12.6% below the ₹500 issue price.
Metro Brands is one of the largest footwear specialty retailers in India, selling its own brands such as Metro, Mochi and Walkway and third-party brands such as Crocs and Skechers. Its total income was Rs 878.54 crore in FY2021.
Stock price
Metro Brands is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 10 Dec 2021
- Close 14 Dec 2021
- Allotment 17 Dec 2021
- Refund/credit 20 Dec 2021
- Listing 22 Dec 2021
Issue summary
The terms of the offer, as filed.
| IPO Dates | 10 to 14 Dec, 2021 |
|---|---|
| Price Band | ₹485 – ₹500 |
| Face Value | ₹5 |
| Lot Size | 30 Shares |
| Issue Size | ₹1367.51 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 15,000 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 30 shares at the ₹500 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 30 | ₹15,000 |
| Retail (max) | 13 | 390 | ₹1,95,000 |
| S-HNI (min) | 14 | 420 | ₹2,10,000 |
| S-HNI (max) | 66 | 1,980 | ₹9,90,000 |
| B-HNI (min) | 67 | 2,010 | ₹10,05,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01The company was almost debt free, with borrowing of Rs 0.93 crore on 30 September 2021.
- 02Profit after tax was Rs 160.58 crore in FY2020 before the pandemic, on total income of Rs 1,311.07 crore.
- 03EBITDA margin was about 27% of total income in FY2020.
- 04Rs 225.37 crore of the fresh issue was planned for opening new stores.
- 05Net worth grew from Rs 649.87 crore on 31 March 2019 to Rs 840.04 crore on 30 September 2021.
Risks · 5
- 01Total income fell from Rs 1,311.07 crore in FY2020 to Rs 878.54 crore in FY2021.
- 02Profit after tax fell from Rs 160.58 crore in FY2020 to Rs 64.62 crore in FY2021.
- 03The pre-issue P/E was 205.76 at the upper band of Rs 500, based on EPS of Rs 2.43.
- 04Rs 1,072.51 crore of the Rs 1,367.51 crore issue was offer for sale, so most of the money went to selling shareholders.
- 05Promoters and the promoter group held 83.99% before the issue and 74.27% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Metro Brands offer document.
| Metric | 30 Sep 2021 | 31 Mar 2021 | 31 Mar 2020 | 31 Mar 2019 |
|---|---|---|---|---|
| Assets | 1,739.61 | 1,659.34 | 1,617.42 | 1,321.51 |
| Total Income | 489.27 | 878.54 | 1,311.07 | 1,236.90 |
| Profit After Tax | 43.07 | 64.62 | 160.58 | 152.73 |
| EBITDA | 111.42 | 170.93 | 353.51 | 337.33 |
| NET Worth | 840.04 | 827.57 | 807.29 | 649.87 |
| Reserves and Surplus | 707.27 | 694.80 | 674.52 | 517.26 |
| Total Borrowing | 0.93 | 1.41 | 11.58 | 9.90 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Metro Brands RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Metro Brands IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹2.43 | ₹3.17 |
| P/E Ratio (x) | 205.76 | 157.73 |
| Market Cap at Offer Price (₹ Cr) | ₹8,862.14 | ₹6,793.38 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹500 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹284.93 Cr of the issue is earmarked to named objects.
About the company
It focuses on the mid and premium segments. Its own brands include Metro, Mochi, Walkway, Da Vinchi and J. Fontini, and it also sells third-party brands such as Crocs, Skechers, Clarks, Florsheim and Fitflop, plus accessories such as belts, bags and wallets.
It runs its stores on a company-owned and company-operated model, and sells footcare and shoe-care products through its joint venture M.V. Shoe Care.
The IPO was Rs 1,367.51 crore, with Rs 295.00 crore of fresh issue and Rs 1,072.51 crore of offer for sale. Rs 225.37 crore was planned for opening new Metro, Mochi, Walkway and Crocs stores.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Metro Brands IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Axis Capital
71 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
ICICI Securities
65 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Ambit Capital
9 issues handledBest listing: Ami Organics (+49.2%). Weakest: Anupam Rasayan India (-6.3%).
Motilal Oswal Investment Advisors
44 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Equirus Capital Pvt.Ltd.
13 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Omnitech Engineering (-9.7%).
Dam Capital Advisors Ltd
25 issues handledBest listing: Go Colors (+89.9%). Weakest: Prasol Chemicals (-9.8%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Metro Brands?
The current Grey Market Premium is ₹30, or 6% over the issue price.
What is the Metro Brands IPO price band?
₹485 to ₹500, on a face value of ₹5.
When is the allotment?
The basis of allotment is 17 December 2021, with listing on 22 December 2021.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
