It has been quite a busy week for the primary market with the LIC IPO closing for subscription on May 9 followed up by the opening of Delhivery, Venus Pipes and Prudent Corporate IPOs. Tomorrow shall be another awaited day by many as LIC IPO allotment shall be finalised and intimated. Amid all this next week we shall see another IPO open by luxury retail watch entity. Here are the details on the public issue in points:
1. About Ethos that will launch its public issue:
As per the company website, Ethos Watches is India's largest chain of luxury watch boutiques with 50 premium stores across the country. The company is authorised retailer of over 60 luxury watch brands. Besides the company offers an omnichannel feel via its social media and website presence.
2. Issue size and other details:
Issue open date: For anchor book -May 17
For retail and other participation offer period - May 18-May 20, 2022
Price band: Rs. 836-878 per share
Ethos IPO Share allotment date: May 26, 2022
Ethos IPO listing date: May 30, 20221 Lot size: 17 shares and then in its multiples thereafter
QIB portion-50% Reservation
NII-15% of the equity shares are reserved for non-institutional investors.
Retail bidders will get the remaining 35 per cent of the offer.
Issue size and other details: Fresh equity issuance of Rs. 375 crore and an OFS of up to 1.1 million shares by company promoters and shareholders. Total IPO size considering the upper price band is Rs. 472 crore.
3. Issue objectives:
Through the proceeds netted, the company looks to repay debt, expand its footprint and use the balance for working capital requirement.
4. Financials: For 2020-21, the firm reported revenue of Rs 386.57 crore against Rs 457.85 crore a year before. Net profit though for the period improved to Rs 57.85 crore against a loss of Rs 13.34 crore last year. As of September 2021, the company's total borrowings were Rs 58.45 crore.