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Metro Brands has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The 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.

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. 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.

Metro Brands backed by ace investor Rakesh Jhunjhunwala, is an Indian footwear retailer targeting the economy, mid and premium segments in the footwear market.