Shares of Ethos will be listed today at the bourses. The company has fixed the initial public offering (IPO) price as ₹878, at the upper end of the price band ₹836-878. The IPO of Chandigarh-based Ethos was subscribed 1.04 times.
Non-institutional investors portion was subscribed the most with 1.48 times, followed by qualified institutional buyers which witnessed a subscription of 1.06 times. The portion set aside for retail investors was subscribed 0.84 times.
Ethos is one of country’s largest luxury and premium watch retail player. The IPO consisted a fresh issue of equity shares aggregating to ₹375 crore and an offer for sale (OFS) of up to 1,108,037 equity shares.
IPO proceeds
Proceeds from the fresh issuance will be utilised for repayment of debt, funding working capital requirements, opening new stores and general corporate purposes.
Anchor investors
Ahead of the issue on Tuesday, Ethos raised around ₹142 crore from anchor investors. The company has decided to allot 16.13 lakh shares to nine anchor investors at ₹878 apiece, aggregating the transaction size to ₹141.68 crore, according to a circular uploaded on the BSE website.
Emkay Global Financial Services Limited and InCred Capital Wealth Portfolio Managers Private Limited were the book running lead managers and KFin Technologies Private Limited was the registrar to the Issue.