METRO BRANDS LIMITED INITIAL PUBLIC OFFERING TO OPEN ON FRIDAY, DECEMBER 10, 2021
· Price Band fixed at Rs 485 to Rs 500 per equity share of face value of Rs. 5 each (“Equity Shares”)
· Bid /Offer Opening Date – Friday, December 10, 2021 and Bid/ Offer Closing Date – Tuesday, December 14, 2021
Metro Brands Limited (The “Company”) to open its Bid / Offer in relation to its initial public offering on Friday, December 10, 2021 (“Offer”)
The Price Band of the Offer has been fixed at Rs. 485 to Rs. 500 per equity share of face value of Rs. 5 each. Bids can be made for a minimum of 30 Equity Shares and in multiples of 30 Equity Shares thereafter.
The Offer comprises a fresh issue of Equity Shares aggregating up to Rs. 295 crores by the Company (The “Fresh Issue”) and an offer for sale of up to 21,450,100 Equity Shares by the Selling Shareholders. The offer for sale comprises up to 13,015,000 Equity Shares by the Promoter Selling Shareholders, up to 8,427,000 Equity Shares by the Promoter Group Selling Shareholders and up to 8,100 Equity Shares by the Other Selling Shareholder. (The “Offer for Sale”).
The
Company has in consultation with the BRLMS, undertaken a private
placement of 73,136 Equity Shares for cash consideration aggregating to
Rs. 3.29 crores. Accordingly, the fresh issue size as was stated in the
Draft Red Hearing Prospectus, was reduced from up to Rs. 250 crores to
up to Rs. 246.71 crores. Thereafter, Company has increased the fresh
issue size up to Rs. 295 crores, in accordance with and subject to, the
provisions of the SEBI ICDR Regulations.
This is an Offer in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”),
read with Regulation 31 of the SEBI ICDR Regulations. The Offer is
being made through the Book Building Process in terms of Regulation 6(1)
of the SEBI ICDR Regulations, wherein not more than 50% of the Offer
shall be available for allocation on a proportionate basis to Qualified
Institutional Buyers (“QIBs and such portion, the “QIB Portion”),
provided that Company and the Promoter Selling Shareholders, in
consultation with the BRLMs, may allocate up to 60% of the QIB Portion
to Anchor Investors on a discretionary basis (“Anchor Investor Portion”),
out of which one-third shall be reserved for domestic Mutual Funds
only, subject to valid Bids being received from domestic Mutual Funds at
or above the price at which allocation is made to Anchor Investors (“Anchor Investor Allocation Price”),
in accordance with the SEBI ICDR Regulations. In the event of
under-subscription, or non-allocation in the Anchor Investor Portion,
the balance Equity Shares shall be added to the QIB Portion (excluding
the Anchor Investor Portion) (“Net QIB Portion”)
Further,
5% of the Net QIB Portion shall be available for allocation on a
proportionate basis to Mutual Funds only, and the remainder of the Net
QIB Portion shall be available for allocation on a proportionate basis
to all QIB Bidders, including Mutual Funds, subject to valid Bids being
received from them at or above the Offer Price. However, if the
aggregate demand from Mutual Funds is less than 5% of the Net QIB
Portion, the balance Equity Shares available for allocation in the
Mutual Fund Portion will be added to the remaining Net QIB Portion for
proportionate allocation to QIBs. Further, not less than 15% of the
Offer shall be available for allocation on a proportionate basis to
Non-Institutional Bidders and not less than 35% of the Offer shall be
available for allocation to Retail Individual Bidders in accordance with
the SEBI ICDR Regulations, subject to valid Bids being received from
them at or above the Offer Price All potential Bidders (except Anchor
Investors) are mandatorily required to utilise the Application Supported
by Blocked Amount (“ASBA”) process by providing details of their
respective ASBA accounts and UPI ID in case of RIBs using the UPI
Mechanism, as applicable, pursuant to which their corresponding Bid
Amount will be blocked by the Self Certified Syndicate Banks (“SCSBs”)
or by the Sponsor Bank under the UPI Mechanism, as the case may be, to
the extent of the respective Bid Amounts. Anchor Investors are not
permitted to participate in the Offer through the ASBA process.
For details, see “Offer Information” beginning on page 360 of the Red Herring Prospectus.
The Equity Shares offered through Red Herring Prospectus are proposed to be listed on BSE and NSE.