Report
EUR 88.49
For Business Accounts Only
MB retails footwear under its own brands of Metro, Mochi, Walkway, Da Vinchi and J. Fontini, as well as third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop. As of Sep 21, it sold footwear as well as accessories across more than 10 owned brands and more than 25 third-party brands.
The company suffered a severe dent in sales in FY21, owing to the COVID-19 induced lockdowns. It has registered a bounce back in sales in 1H22. Although, its core brands don’t appear to have grown much even pre-COVID. Its growth has mostly been driven by EBO sales, probably led by Crocs store opening.
Furthermore, MB doesn’t really stand out versus its two larger peers but is still being offered at similar valuations.
Metro brands IPO
Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO. As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.MB retails footwear under its own brands of Metro, Mochi, Walkway, Da Vinchi and J. Fontini, as well as third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop. As of Sep 21, it sold footwear as well as accessories across more than 10 owned brands and more than 25 third-party brands.
The company suffered a severe dent in sales in FY21, owing to the COVID-19 induced lockdowns. It has registered a bounce back in sales in 1H22. Although, its core brands don’t appear to have grown much even pre-COVID. Its growth has mostly been driven by EBO sales, probably led by Crocs store opening.
Furthermore, MB doesn’t really stand out versus its two larger peers but is still being offered at similar valuations.
Underlying
METRO BRANDS LTD
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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