Ethos IPO
Ethos IPO — date, price band, lot size & details 2022
Ethos listed on 30 May 2022 at ₹825, 6% below the ₹878 issue price.
Ethos is the largest luxury and premium watch retailer in India, selling 50 premium brands through stores and online. Its total income was Rs 403.14 crore in FY2021.
Stock price
Ethos is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 14 November.
- Open 18 May 2022
- Close 20 May 2022
- Allotment 25 May 2022
- Refund/credit 26 May 2022
- Listing 30 May 2022
Issue summary
The terms of the offer, as filed.
| IPO Dates | 18 to 20 May, 2022 |
|---|---|
| Price Band | ₹836 – ₹878 |
| Face Value | ₹10 |
| Lot Size | 17 Shares |
| Issue Size | ₹402.26 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,926 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 17 shares at the ₹878 cut-off. Drag to size your application.
| 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 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01It is the largest luxury and premium watch retailer in India, with 50 brands and 50 stores.
- 02Profit after tax rose from a loss of Rs 1.33 crore in FY2020 to Rs 15.99 crore in the nine months to 31 December 2021.
- 03Rs 375.00 crore of the Rs 402.26 crore issue was fresh capital for the company.
- 04Net worth grew from Rs 130.39 crore on 31 March 2019 to Rs 198.04 crore on 31 December 2021.
- 05Total income was Rs 429.35 crore in the nine months to 31 December 2021, above the full FY2021 figure.
Risks · 5
- 01The pre-issue P/E was 289.77 at the upper band of Rs 878, based on EPS of Rs 3.03.
- 02Profit has been thin, at Rs 5.79 crore in FY2021 on total income of Rs 403.14 crore.
- 03It depends on supply deals with Swiss and other watch brands, which they can change or end. Most of the fresh money, Rs 234.96 crore, went to working capital for stock.
- 04Total borrowing rose from Rs 51.99 crore on 31 March 2021 to Rs 86.76 crore on 31 December 2021.
- 05Promoters and the promoter group held 81.02% before the issue and 64.88% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Ethos offer document.
| Metric | 31 Dec 2021 | 31 Mar 2021 | 31 Mar 2020 | 31 Mar 2019 |
|---|---|---|---|---|
| Assets | 493.99 | 392.04 | 421.96 | 368.93 |
| Total Income | 429.35 | 403.14 | 461.01 | 445.10 |
| Profit After Tax | 15.99 | 5.79 | -1.33 | 9.89 |
| EBITDA | 56.29 | 56.44 | 54.40 | 58.26 |
| NET Worth | 198.04 | 155.60 | 149.85 | 130.39 |
| Reserves and Surplus | 179.29 | 137.40 | 131.66 | 113.50 |
| Total Borrowing | 86.76 | 51.99 | 75.75 | 77.07 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Ethos RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Ethos IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹3.03 | ₹9.13 |
| P/E Ratio (x) | 289.77 | 96.17 |
| Market Cap at Offer Price (₹ Cr) | ₹4,633.41 | ₹1,537.70 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹878 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹336.20 Cr of the issue is earmarked to named objects.
Ethos IPO Anchor Investors
9 anchor investors across 5 fund houses committed ₹141.70 Cr a day before the issue opened.
| Anchor Investor | Fund House | Shares | Amount (₹ Cr) | % of Anchor Book |
|---|---|---|---|---|
| ICICI Prudential Flexicap Fund | ICICI Prudential Mutual Fund | 529,601 | 46.50 | 32.82% |
| Jupiter India Fund | Jupiter | 372,997 | 32.75 | 23.11% |
| Saint Capital Fund | Saint Capital | 159,443 | 14.00 | 9.88% |
| Cohesion Mk Best Ideas Sub-Trust | - | 155,771 | 13.68 | 9.65% |
| Jupiter South Asia Investment Company Limited - South Asia Access Fund | - | 77,061 | 6.77 | 4.78% |
| Coeus Global Opportunities Fund | - | 79,713 | 7.00 | 4.94% |
| Alchemy Leaders Of Tomorrow - Closed Ended Fund, Series 2 | - | 79,713 | 7.00 | 4.94% |
| Ups Group Trust | - | 79,713 | 7.00 | 4.94% |
| Nomura Singapore Limited Odi | Nomura | 79,713 | 7.00 | 4.94% |
| Total anchor allocation | 141.70 | |||
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
Its portfolio has 50 premium watch brands, including Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, H. Moser & Cie, Rado, Longines, Tissot and Raymond Weil.
It runs an omnichannel model, so customers can buy online or in stores, return at a different store, or order online for home delivery. It had 50 physical stores in 17 cities, including New Delhi, Mumbai, Bengaluru, Hyderabad, Chennai and Kolkata.
The IPO was Rs 402.26 crore, with Rs 375.00 crore of fresh issue and Rs 27.26 crore of offer for sale. Rs 234.96 crore was planned for working capital and Rs 33.27 crore for new stores and renovations.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Ethos IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Emkay Global Financial Services
8 issues handledBest listing: Behari Lal Engineering (+63.2%). Weakest: Innovision (-14.7%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Ethos?
The current Grey Market Premium is ₹0.
What is the Ethos IPO price band?
₹836 to ₹878, on a face value of ₹10.
When is the allotment?
The basis of allotment is 25 May 2022, with listing on 30 May 2022.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
