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Ethos IPO gets fully subscribed on last day of offer

The initial public offer of luxury and premium watch retail player Ethos got fully subscribed on the last day of subscription on Friday.

According to NSE data, the Rs 472.3 crore IPO received bids for 41,38,650 shares against 39,79,957 shares on offer, translating into 1.04 times subscription.

The portion for non-institutional investors received 1.48 times subscription, while the category for Qualified Institutional Buyers (QIBs) got subscribed 1.06 times and Retail Individual Investors (RIIs) 84 per cent.

The Initial Public Offer (IPO) had a fresh issue of equity shares aggregating to Rs 375 crore and an offer for sale of up to 11,08,037 equity shares.

Price range for the offer was at Rs 836-878 per share.

Proceeds from the fresh issuance will be utilized for repayment of debt, funding working capital requirements, opening new stores and general corporate purposes.

Ethos has the largest portfolio of premium and luxury watches in India and retails 50 premium and luxury watch brands like Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, H. Moser & Cie, Rado, Longines, Baume & Mercier, Oris SA, Corum, Carl F Bucherer, Tissot, Raymond Weil, Louis Moinet and Balmain.

Under the brand name Ethos, it opened its first luxury retail watch store in January 2003 in Chandigarh.

Emkay Global Financial Services and InCred Capital Wealth Portfolio Managers were the managers to the offer.

The equity shares of the company will be listed on BSE and NSE. PTI SUM SHW SHW

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