Luxury and premium watch retailer Ethos shares debuted at a 5.78 percent discount to the issue price in the last listing for May.
The stock opened at Rs 830 on the BSE, against issue price of Rs 878, while the listing price on the National Stock Exchange was Rs 825.
The listing was on expected lines as the public issue managed to sail through on the last day, subscribed 1.04 times during May 18-20, supported by qualified institutional buyers who booked their portion 1.06 times. The part set aside for non-institutional investors was subscribed 1.48 times and that for retail 84 percent.
Ethos, which has raised Rs 472.3 crore through its maiden public issue, is one of the largest luxury and premium watch retail players having 13 percent share of the total retail sales in the premium and luxury segment and 20 percent of the exclusively luxury segment in the financial year 2020.
The price band for the offer was Rs 836-878 per share.
Analysts had a mixed review on the IPO as a few clearly advised avoiding the issue given doubts over sustainability of performance and higher valuation. There are no listed companies in India that engage in a similar business.
"We assign avoid rating and await consistency in improvement in profit metrics," said ICICI Direct.