The initial public offering (IPO) of luxury and premium watch retail player Ethos got fully subscribed on the last day of subscriptions on Friday. The 472 crore IPO received bids for 41,38,650 shares, while there were 39,79,957 shares on offer, which translates to 1.04x subscriptions.
The share of non-institutional investors was subscribed 1.48 times, while the category of Qualified Institutional Buyers (QIBs) got subscribed 1.06 times and Retail Individual Investors (RIIs) 84 percent.
Finalization of Ethos Share Allotment Basis IPO This week is expected to be on Wednesday, May 25, 2022 and if allotted, the shares will be credited in the demat account of the bidders on May 27. The registrar for this IPO is Keffin Technologies Limited, so allotment applications can be checked on its website Here or on BSE website Here,
According to market observers, Ethos shares are earning a premium (GMP) 2 in the gray market today. The company’s shares are expected to be listed on the stock exchanges BSE and NSE on Tuesday, May 30, 2022.
The initial share sale consisted of a new issue of equity shares, totaling 375 crore and offer for sale of 11,08,037 equity shares. The price range for the offer was as follows 836-878 per share.
The proceeds from the new issue will be used for repayment of loans, financing working capital requirements, opening of new stores and for general corporate purposes.
Ethos has the largest portfolio of premium and luxury watches in India and over 50 premium and luxury watch brands such as Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bevalgari, H. Moser & Cie, Rado, Longines, Baum & Mercier, Orris SA , retails. Quorum, Carl F. Butcher, Tissot, Raymond Weil, Louis Moinet and Balmain.