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The initial public offer (IPO) of luxury and premium watch retail player Ethos got fully subscribed on the last day of subscription on Friday. The 472 crore IPO received bids for 41,38,650 shares against 39,79,957 shares on offer, translating into 1.04 times subscription.

The portion for non-institutional investors received 1.48 times subscription, while the category for Qualified Institutional Buyers (QIBs) got subscribed 1.06 times and Retail Individual Investors (RIIs) 84%.

The finalization of basis of share allotment of Ethos IPO is expected to take place this week on Wednesday, May 25, 2022 and if allotted, then the credit of shares to demat account of bidders will be done on May 27. The registrar for this IPO is KFin Technologies Limited, therefore the allotment application can be checked on its website here or on the BSE website here.

As per market observers, Ethos shares are commanding a premium (GMP) of 2 in the grey market today. company's shares are expected to list on stock exchanges BSE and NSE on Tuesday, May 30, 2022.

The initial share sale had a fresh issue of equity shares aggregating to 375 crore and an offer for sale of up to 11,08,037 equity shares. Price range for the offer was at 836-878 per share.

Proceeds from the fresh issuance will be utilised for repayment of debt, funding working capital requirements, opening new stores and general corporate purposes.

Ethos has the largest portfolio of premium and luxury watches in India and retails 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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