Ethos IPO Subscribed 0.27 Times On Day 1
Follow the latest subscription updates from Day 1 of Ethos IPO.
Ethos Ltd., a premium and luxury watches retailer, kicked off its three-day initial public offering on Wednesday.
The company will issue new stock worth Rs 375 crore, according to its red herring prospectus. The IPO will also see an offer for sale by promoters, comprising 11.08 lakh shares worth Rs 97.30 crore at the upper end of the price band Rs 836-878 apiece. This gives the company a market value of Rs 2,050.10 crore at the upper end.
Ethos had a 13% share of the total retail sales in premium and luxury watch segment and a 20% share exclusively in the luxury watch segment as of FY20.
The company, in its red herring prospectus, said it will use a large chunk of the proceeds for working capital requirements. It will use the rest for financing new stores, repayment/prepayment of borrowings and financing upgradation of enterprise resource planning.
Ethos IPO: All You Need To Know
Subscription Status: Day 1
The IPO subscribed 0.27 times as of 5 p.m. on May 18.
Institutional investors: 0 times.
Non-institutional investors: 0.04 times.
Retail investors: 0.53 times.