Ethos IPO: Offer gets 44% subscription on second day

Luxury and premium watch retail player Ethos' initial public offer got subscribed 44 per cent on the second day of subscription on Thursday.

The Initial Public Offer (IPO) got bids for 17,61,557 shares against 39,79,957 shares on offer, as per NSE data.

The quota for Retail Individual Investors (RIIs) got subscribed 68 per cent, non-institutional investors received 25 per cent subscription and Qualified Institutional Buyers (QIBs) 19 per cent.

The IPO has a fresh issue of equity shares aggregating to Rs 375 crore and an offer for sale of up to 11,08,037 equity shares.

The offer is in a price range of Rs 836-878 per share.

At the upper end of the price band, the public issue is expected to garner Rs 472.3 crore.

Proceeds from the fresh issuance will be utilised 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 are the managers to the offer.

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

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