Luxury watch retailer Ethos Ltd launched a Qualified Institutional Placement (QIP) worth Rs 125 crore, with an option to further upsize to Rs 175 crore in case of oversubscription.
The floor price of the issue has been set at Rs 1,627.49 per equity share. As of 11.50 a.m., shares of Ethos were trading at Rs 1,669.65 apiece, higher by over one percent on the NSE.
Sources told CNBC-TV18 also added that the QIP is likely for for expansion and capital requirement.
Meanwhile, Ethos has recently entered into agreements with globally acclaimed Swiss watchmakers Bell & Ross, Speake-Marin and Trilobe and German brand Tutima to be their exclusive retail partner in the Indian market.
The largest chain of luxury watch boutiques with 50 stores in India across 18 cities houses over 60 premium brands, including Rolex, Omega, TAG Heuer, Rado, Tissot and Seiko, among others.
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