The IPO of luxury and premium watch retail player Ethos Limited was subscribed 1.04 times on the last day of bidding
MUMBAI, May 20 (The CONNECT) - The Initial Public Offering (IPO) of Chandigarh-based luxury and premium watch retail player Ethos Limited was subscribed 1.04 times on the last day of bidding.
Non-Institutional Investors portion was subscribed the most with 1.48 times, followed by Qualified Institutional Buyers which witnessed a subscription of 1.06 times. Portion set aside for Retail investors was subscribed 0.84 times.
The issue kicked off for subscription on Wednesday, May 18.
The IPO consists of a fresh issue of equity shares aggregating to Rs 375 crore and an offer for sale (OFS) of up to 1,108,037 equity shares.
Emkay Global Financial Services Limited and InCred Capital Wealth Portfolio Managers Private Limited are the Book Running Lead Managers and KFin Technologies Private Limited is the registrar to the Issue.
Ethos has a sizeable portfolio of premium and luxury watches in India and retail to 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. It.
Under the brand name “ETHOS, it opened Its first luxury retail watch store in January 2003 in the Union Territory of Chandigarh by its Promoter, KDDL Limited, with an experience in the watch industry. It established strong relationships with the global watch brands and further strengthening its business.
In addition to the premium and luxury watch retail, it also undertakes retail of certified pre-owned luxury watches since Fiscal 2019. It has 50 physical retail stores in 17 cities in India in a multi store format, and offers an Omnichannel experience to its customers through its website and social media platforms. Through its Omnichannel approach it is premised on its endeavour to provide experience, content, customisation, reach and convenience to the customers through its website, which is the India’s largest website for premium and luxury watches in terms in number of brands and watches offered.