Ethos was incorporated on November 5, 2007. Ethos is a luxury and premium retail player in watches, delivering a luxury retail experience to our customers through our online and physical presence. The company has the largest portfolio of premium and luxury watches in India enabling 50 premium and luxury watch brands like Omega, IWC Schaffhausen, Jaeger LeCoultre, etc.
| Bidding Dates |
|---|
| 18 May 2022 - 20 May 2022 |
| Subscription |
|---|
| 1.04x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,926 | 1 | 13 | 17 | 5.4 M | ₹836 - ₹878 | 76.96 % | ₹4496.8 M - ₹4722.7 M | RHP DOC |
Ethos IPO SUBSCRIPTION STATUS
20 May '22Ethos IPO overall subscription rate was 1.04 times the total available shares
Ethos IPO retail subscription rate was 0.84 times in the retail segment
Ethos IPO non-institutional investor subscription rate was 1.48 times in the non-institutional investor category
Ethos IPO Qualified Institutional Bidder subscription rate was 1.06 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
20 May 2022 (Day 3) | 0.84x | 1.48x | 1.06x |
19 May 2022 (Day 2) | 0.68x | 0.25x | 0.19x |
18 May 2022 (Day 1) | 0.53x | 0.04x | 0x |
Ethos FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from operations (Rs in millions) | Cash Flow from operations (Rs in millions) | Free Cash flow (Rs in millions) |
| 9MFY22 | 159.88 | 4,185.93 | 185.5 | 115.01 |
| FY21 | 57.85 | 3,865.71 | 63.48 | -30.97 |
| FY20 | -13.34 | 4,578.49 | 369.83 | 235.05 |
| FY19 | 98.89 | 4,435.29 | -11.56 | -141.31 |
Ethos IPO SUBSCRIPTION STATUS DETAILS
Ethos had 5.4 M shares on offer
Ethos IPO offer price was in the range ₹836 - ₹878
Ethos IPO minimum Investment was ₹14926
Ethos IPO issue size was ₹ 4496.8 M - ₹ 4722.7 M
Ethos had a minimum lot size of 17 Shares per application
Ethos NUMBER OF SHARES ON OFFER
Ethos IPO IMPORTANT DATES
| Issue Open Date | 18 May 2022 |
| Issue close Date | 20 May 2022 |
| Allotment Date | 25 May 2022 |
| Refund Date | 26 May 2022 |
| Demat Account Credit Date | 27 May 2022 |
| Listing Date | 30 May 2022 |
| Listing on Exchange(s) | NSE and BSE |
| Ethos Allotment Status | Exchange |
Ethos IPO subscription opened on 18 May 2022, and closed on 20 May 2022
IPO allotment for Ethos was finalized on Wednesday, 25 May 2022
IPO listing for Ethos was on NSE and BSE on Monday, 30 May 2022
Ethos IPO LISTING GAINS
| Issue Price (adjusted) | 878.0 |
| Listing Open Price | 825.0 |
| Listing Close Price | 803.1 |
| Listing Gain% | -6.0% |
| Current Gain% | 216.9% |
Ethos Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ethos Ltd. | 2782.1 | 6495.9 | 71.7 | 5.8 | 4.3 | 6.4 | 4.3 | 1658.4 | 30 | 94.8 | -1.6 | 38.8 | 12.3 |
| Vedant Fashions Ltd. | 516.9 | 12559.5 | 32.5 | -13.1 | 8.6 | 19.1 | 13.2 | 1529 | 3.9 | 375.5 | -3.3 | 15.9 | -2.5 |
| Aditya Birla Lifestyle Brands Ltd. | 93.9 | 11455.8 | 65.1 | 0.3 | 1.3 | 12.1 | 2 | 8480.9 | 7.2 | 171 | 187 | 1.4 | 189.8 |
| Aditya Vision Ltd. | 618.4 | 7986.5 | 57.5 | 2 | 2.7 | 17 | 7.9 | 2681.5 | 18.3 | 116.9 | 10.8 | 10.8 | 29.2 |
| Electronics Mart India Ltd. | 165.8 | 6380.3 | 30.9 | 0.3 | 0.8 | 6.6 | 2.8 | 7191.4 | 3.1 | 107.1 | -33.1 | 5.4 | 88.8 |
| Landmark Cars Ltd. | 535 | 2218.6 | 59.5 | 0.4 | 0.5 | 6.4 | 1.9 | 4914.4 | 21.7 | 37.3 | 134.2 | 9 | 134.2 |
Ethos INFORMATION ON IPO ISSUE
About Ethos
Ethos was incorporated on November 5, 2007. Ethos is a luxury and premium retail player in watches, delivering a luxury retail experience to our customers through our online and physical presence. The company has the largest portfolio of premium and luxury watches in India enabling 50 premium and luxury watch brands like Omega, IWC Schaffhausen, Jaeger LeCoultre, etc.
Object of the Issue
1. Repayment or pre-payment, in full or in part, of all or certain borrowings availed by the Company.
2. Funding working capital requirements of the company.
3. Financing the capital expenditure for:
(i) Establishing new stores and renovation of certain existing stores and (ii) Upgradation of enterprise resource planning software (ERPS)
4. General corporate purpose.
Ethos - PROMOTERS
| Name |
|---|
| KDDL Limited |
| Mahen Distribution Limited |
| Yashovardhan Saboo |
Ethos Book Running Lead Manager
Ekmay Global Financial Services Limited
ethos.ipo@emkayglobal.com
Incred Capital Wealth Portfolio Managers Private Limited
ethos.ipo@incredcapital.com
Ethos Registrar to the Offer
Kfin Technologies Private Limited
ethosltd@kfintech.com
Ethos Strengths
Luxury customer base
Access to a large base of high-end customers
Knowledge on digital and e-commerce
Deep understanding of digital and Omnichannel commerce.
Organized store network
Strategically located and well-invested store network with an attractive in-store experience.
Good relationship
Strong and long-standing relationships with luxury watch brands and luxury groups.
Leader in luxury watches
Leadership position in luxury watch market.
Strong management
Experienced and committed management team with a proven track record.
Ethos Risks
No fixed agreements
The company does not have definitive agreements for supply of products or fixed terms of trade with majority of suppliers
Dependability on watch manufacturers
The company is dependent on other watch brands for manufacturing all the products
Store specific revenue
The business and its sales are significantly concentrated among certain stores.
Credit rating
The credit rating has been downgraded in the past.
Faced losses
The company incurred losses in FY20
IPO FAQs
This IPO consists of an offer for sale of up to Rs 97.3 crore, of 1,108,037 shares. It also consists of a fresh issue of Rs 375.0 crore.
The promoters of the company are KDDL Limited, Mahen Distribution Limited and Yashovardhan Saboo.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 836.0 - 878.0.
The IPO application opens on May 18, 2022 and closes on May 20, 2022.
The minimum lot size for the IPO is 17. The maximum lot size for the IPO is 221.
For all category investors, the minimum application amount for this IPO is Rs. 14,926.0, the maximum value for this IPO is Rs 194,038.0.
This IPO will be allotted on May 25, 2022.
The refund will be credited to your account on May 26, 2022.
The allotted shares will be credited to your demat on May 27, 2022.
Ethos Ltd.’s shares listed on the stock exchanges on May 30, 2022.