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Ethos IPO is a book build issue of ₹402.26 crores. The issue is a combination of fresh issue of 0.43 crore shares aggregating to ₹375.00 crores and offer for sale of 0.03 crore shares aggregating to ₹27.26 crores.
Ethos IPO bidding started from May 18, 2022 and ended on May 20, 2022. The allotment for Ethos IPO was finalized on May 25, 2022. The shares got listed on BSE, NSE on May 30, 2022.
Ethos IPO price band is set at ₹878.00 per share . The lot size for an application is 17. The minimum amount of investment required by an retail is ₹14,212 (17 shares). The lot size investment for sNII is 14 lots (238 shares), amounting to ₹2,08,964, and for bNII, it is 67 lots (1,139 shares), amounting to ₹10,00,042.
Emkay Global Financial Services Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
| IPO Date | May 18, 2022 to May 20, 2022 |
| Listing Date | May 30, 2022 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹836 to ₹878 per share |
| Issue Price Final | ₹878 per share |
| Lot Size | 17 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 45,81,500 shares (aggregating up to ₹402.26 Cr) |
| Fresh Issue | 42,71,070 shares (aggregating up to ₹375.00 Cr) |
| Offer for Sale | 3,10,430 shares of ₹10 (aggregating up to ₹27.26 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 1,90,78,163 shares |
| Share Holding Post Issue | 2,33,49,233 shares |
Ethos Limited IPO offers total 45,81,500 shares. Out of which 22,90,750 (50.00%) allocated to QIB, 6,77,025 (14.78%) allocated to QIB, 6,87,225 (15.00%) allocated to NII, 16,03,525 (35.00%) allocated to RII and 16,13,725 (35.22%) allocated to Anchor investors.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 22,90,750 (50.00%) | NA |
| − Anchor Investor Shares Offered | 16,13,725 (35.22%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 6,77,025 (14.78%) | NA |
| NII (HNI) Shares Offered | 6,87,225 (15.00%) | NA |
| − bNII > ₹10L | 4,58,150 (10.00%) | 1,925 |
| − sNII < ₹10L | 2,29,075 (5.00%) | 962 |
| Retail Shares Offered | 16,03,525 (35.00%) | 94,325 |
| Total Shares Offered | 45,81,500 (100.00%) |
Ethos IPO raises ₹141.69 crore from anchor investors. Ethos IPO Anchor bid date is May 17, 2022. Ethos IPO Anchor Investors list
| Bid Date | May 17, 2022 |
| Shares Offered | 16,13,725 |
| Anchor Portion Size (In Cr.) | 141.69 |
| Anchor lock-in period end date for 50% shares (30 Days) | June 24, 2022 |
| Anchor lock-in period end date for remaining shares (90 Days) | August 23, 2022 |
Ethos IPO opens on May 18, 2022, and closes on May 20, 2022.
| IPO Open Date | Wed, May 18, 2022 |
| IPO Close Date | Fri, May 20, 2022 |
| Tentative Allotment | Wed, May 25, 2022 |
| Initiation of Refunds | Thu, May 26, 2022 |
| Credit of Shares to Demat | Fri, May 27, 2022 |
| Tentative Listing Date | Mon, May 30, 2022 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, May 20, 2022 |
Investors can bid for a minimum of 17 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 17 | ₹14,926 |
| Retail (Max) | 13 | 221 | ₹1,94,038 |
| S-HNI (Min) | 14 | 238 | ₹2,08,964 |
| S-HNI (Max) | 66 | 1,122 | ₹9,85,116 |
| B-HNI (Min) | 67 | 1,139 | ₹10,00,042 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
Ethos Limited is the largest luxury and premium watch retailer in India. The company delivers premium luxury watches through websites, social media platforms and physical stores. Ethos Limited operates on an omnichannel model and allows customers to order products either offline or online and have the flexibility of buying products at one store and returning at another or browsing product catalogues and placing orders online with doorstep delivery.
The company's watch portfolio has 50 premium brands including 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.
The company has 50 physical retail stores in 17 cities in India including New Delhi Mumbai, Bengaluru, Hyderabad, Chennai, Kolkata, Chandigarh, Ahmedabad, Jaipur, Lucknow, Gurgaon, Guwahati, Ludhiana, Nagpur, Noida, Pune and Thane. Ethos Limited has 7,000 different premium watches and 30,000 watches in stock at any given time.
As of December 31, 2021, the company's website had 21,844,216 visitor sessions.
Competitive Strengths:
| Particulars | For the year/period ended (Rs in Lakhs) | ||||
|---|---|---|---|---|---|
| 31-Dec-21 | 31-Mar-21 | 31-Mar-20 | 31-Mar-19 | ||
| Total Assets | 49,399.31 | 39,204.38 | 42,195.65 | 36,892.56 | |
| Total Revenue | 42,934.76 | 40,314.23 | 46,100.56 | 44,509.63 | |
| Profit After Tax | 1,598.78 | 578.53 | -133.40 | 988.88 | |
The market capitalization of Ethos IPO is ₹2050.06 Cr.
| Pre IPO | Post IPO | |
|---|---|---|
| P/E (x) | 96 |
The company propose to utilise the Net Proceeds towards funding the following objects:
[Dilip Davda] The company has posted inconsistency in its financial performance and the super earnings for 9M-FY22 raise eyebrows as well as concern over sustainability going forward. It is asking for a higher price at the upper band against pre-IPO placement done at Rs. 826 in March 2022. Even if we arrive at the P/E based on its super earnings, the issue is highly priced at 96 plus and based on its FY21 earnings, it stands at 354. There is no harm in skipping this pricy IPO. Read detail review...
| Listing Date | May 30, 2022 |
| BSE Script Code | 543532 |
| NSE Symbol | ETHOSLTD |
| ISIN | INE04TZ01018 |
| Final Issue Price | ₹878 per share |
| BSE Listing Group | B |
Ethos Ltd.
Plot No. 3,
Sector- III,
Parwanoo, Himachal Pradesh, 173220
Phone: + 91 1792 232 462/233 402
Email: anil.dhiman@ethoswatches.com
Website: https://www.ethoswatches.com/
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: ethosltd@kfintech.com
Website: https://ipostatus.kfintech.com/
Ethos IPO is a main-board IPO of 45,81,500 equity shares of the face value of ₹10 aggregating up to ₹402.26 Crores. The issue is priced at ₹878 per share. The minimum order quantity is 17.
The IPO opens on May 18, 2022, and closes on May 20, 2022.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Ethos IPO using UPI as a payment gateway. Zerodha customers can apply in Ethos IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Ethos IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Ethos IPO opens on May 18, 2022 and closes on May 20, 2022.
Ethos IPO lot size is 17, and the minimum amount required for application is ₹14,926.
You can apply in Ethos IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Ethos IPO will be done on Wednesday, May 25, 2022, and the allotted shares will be credited to your demat account by Friday, May 27, 2022. Check the Ethos IPO allotment status.
The Ethos IPO listing date is on Monday, May 30, 2022.
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