Ethos IPO fully subscribed on last day of offer
New Delhi:
The initial public offering of luxury and premium watch retail player Ethos became fully subscribed on the last day of subscriptions on Friday.
According to NSE data, bids were received for 41,38,650 shares in the Rs 472.3 crore IPO, 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.
The Initial Public Offer (IPO) consisted of a fresh issue of equity shares worth Rs 375 crore and an offer for sale of 11,08,037 equity shares.
The offer price range was Rs 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. It supports over 50 premium and luxury watch brands such as Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, H. Moser & Cie, Rado, Longines, Baume & Mercier, Oris SA, Corum, Carl F Bucherer, Tissot, Raymond Weil, Louis Retails. Moinet and Balmain.
Under the brand name of Ethos, it opened its first luxury retail watch store in Chandigarh in January 2003.
Emkay Global Financial Services and Incred Capital Wealth Portfolio Manager were the offer managers.
The equity shares of the company will be listed on BSE and NSE.