Ethos IPO Subscribed 1.04 Times On Final Day
Follow the latest subscription updates from day 3 of Ethos IPO.
Ethos Ltd., a premium and luxury watches retailer, saw its initial public offering fully subscribe one hour before its scheduled closing on the final day, led by demand from institutional and non-institutional investors.
The retail investor portion remained undersubscribed.
The IPO was subscribed 27% and 44% at the end of day one and two, respectively.
The IPO comprised a fresh issue worth Rs 375 crore and an offer for sale of 11.08 lakh shares by promoters, according to its red herring prospectus. The OFS was worth Rs 97.30 crore at the upper end of the price band of Rs 836-878 apiece. That 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 the prospectus, said it would use a large chunk of the proceeds for working capital requirements. It would 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 3
The IPO was subscribed 1.04 times as of 5 p.m. on May 20.
Institutional investors: 1.06 times.
Non-institutional investors: 1.48 times.
Retail investors: 0.84 times.