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Ethos IPO opens 18 May; check luxury watch retailer’s issue size, price band, lot size, other details

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Ethos, luxury and premium watch retailer, has fixed price band for its Rs 472-crore IPO, at Rs 836-878 per share of face value of Rs 10 each

Ethos, luxury and premium watch retailer, has fixed price band for its Rs 472-crore IPO, at Rs 836-878 per share of face value of Rs 10 each. The issue will open subscription on 18 May and close on 20 May, while the anchor book will open one day prior to IPO opening, i.e. on 17 May. The public issue consists of a fresh issue of shares worth Rs 375 crore and an offer for sale of up to 11.08 lakh equity shares by shareholders and promoters aggregating to Rs 97.3 crore. The size of the fresh issue has been reduced as the company undertook a pre-IPO placement of Rs 25 crore.

There are no listed companies in India that engage in a business similar to that of Ethos. The company has planned to utilise the net proceeds from the offer towards repayment or prepayment, in full or in part, of all or certain borrowings availed by the company of worth Rs 2,989.09 lakh, funding working capital requirements of worth Rs 23,496.22 lakh, financing the establishment of new stores worth Rs3,327.28 crore, financing the upgradation of ERP worth Rs 198.01 lakh, and for general corporate purpose.

Investors can make bids for a minimum for 17 equity shares and in multiples thereafter. The book running lead managers to the issue are Emkay Global Financial Services, and Incred Capital Wealth Portfolio Managers Private Ltd. The registrar to the issue will be KFin Technologies.

The Indian Fashion Industry faced a shift in the late 1990s and early 2000s when International Luxury brands started retailing their products in Multi-Brand Outlets. In 2005, brands like Versace Collections and Corneliani signed their first full franchise agreement. Other luxury brands such as LVMH, Christian Dior, Fendi, Canali, Hugo Boss, Ferragamo, Armani, etc. followed suit when India’s first Luxury mall – Emporio opened in Union Territory of Delhi. Ethos has a portfolio of premium and luxury watches in India, retailing 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.

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