Luxury watch retail player Ethos prices IPO at Rs 836-878 a share

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Ethos Ltd, India's luxury and premium watch retail player, has set a price band of Rs 836-878 a share for its initial public offering (IPO) which will open on 18 May for subscription and close on 20 May. The anchor book will open on 17 May.

The allotment of shares will be on 26 May and listing on 30 May.

The IPO consists of a fresh issue of Rs 375 crore and an offer for sale of up to 1.10 million shares by shareholders and promoters.

At the upper end of the price band, the total issue size will be Rs 472 crore. Proceeds will be used to repay debt, working capital requirements and opening of stores.

Ethos, pomoted by KDDL Ltd, is India’s largest luxury and premium watch retail player delivering a content-led luxury retail experience to its customers through online and physical presence. In addition to its chain of 50 physical retail stores in 17 cities in India in a multi store format, it offers an omnichannel experience through website and social media.

For 2020-21, the firm reported revenue of Rs 386.57 crore against Rs 457.85 crore a year ago. Net profit for the period stood at Rs 57.85 crore against a loss of Rs 13.34 crore last year. As of September 2021, total borrowings were Rs 58.45 crore.