KDDL subsidiary, Ethos, announced the launch of its Initial Public Offering on May 18. The shares would be allotted on May 26 and the listing would take place on May 30. The anchor book would open a day prior to the launch of the IPO i.e. on May 17. The size of the IPO will be INR 472 Crs at a price band between INR 836 to INR 878 per share. Investors can bid for a least of 17 equity shares and multiples of 17 thereon.
The IPO comprises a fresh issue of shares amounting to INR 375 Crs and an offer for sale of upto 1.1 Mn equity shares. The company announced that the 3-day initial sale of shares would end on Friday, May 20. A minimum of 57 percent of the issue is earmarked for Qualified Institutional Buyers (QIBs), 35 percent for retail investors and 15 percent for non-institutional investors.
The takings from the fresh issue would be utilised for repayment of debt, to fund working capital requirements, set up new stores and general corporate requirements. Emkay Global Financial Services and Incred Capital Wealth Portfolio Managers are the chief managers to the issue. KFin Technologies have been appointed as the registrar for the same.
Ethos, based in Chandigarh, is one of the largest premium watch retailers, operating on an omnichannel model. The company allows its customers to avail its services online as well as offline. Ethos has a catalogue of 7,000 premium watches with a stock of 30,000 watches at any given time.
Ethos has a gigantic portfolio of premium watch brands including Omega, Bvlgari, Tissot, Balmain, Raymond Weil, Louis Moinet, Jaeger LeCoultre, IWC Schaffhausen and more. The company has 50 stores in India, spread across 17 cities. The company’s revenue from operations for FY21 rested at INR 386.57 Crs with a net profit of INR 5.78 Crs for the same term.
Categories: IPO Bankers