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Ethos Ltd IPO

Price Range (₹)

Rs. 836 - Rs. 878

Issue Size (₹ in Cr.)

Upto Rs. 472 Cr

Minimum Quantity

17 shares

Bidding Period

May 18 – May 20, 2022
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Tentative Issue timeline

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About the Ethos Ltd IPO

- India’s largest luxury and premium watch retail player (Source: Technopak Report) delivering a content led luxury retail experience to customers through online and physical presence
-  Have the largest portfolio of premium and luxury watches in India enabling them to retail 50 premium and luxury watch brands like 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
- Enjoy a healthy market share of 20% in the luxury watch retail segment and 13% in the premium and luxury watch retail segment in India (Source: Technopak Report as per Company DRHP)

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Strengths

Access to a large base of luxury Customers

As of December 31, 2021, the company had access to a HNI customer base of over 2,76,000. Access to the digital platform increased over the calendar years i.e. 15.47 million number of sessions in 2019 to 21.46 million number of sessions in December 31, 2021 (Source: Company DRHP)

Strategically located and well invested store network with attractive in-store experience

With 50 retail stores, over 7,000 varied premium and luxury watches and about 30,000 watches in stock at any given time, the retail stores are located strategically in shopping malls, airport terminals and other premium areas (Source; Company DRHP)

Leadership position in an attractive luxury watch market

Watch market in India was valued at ₹ 13,500 crores in Fiscal 2020 and is expected to grow at a CAGR of 10.6% to reach ₹ 22,300 crores by Fiscal 2025. The watch industry in India is dominated by the organised sector having a 65% share of the overall market, and unorganised market contributing to 35% of the overall market. (Source: Company DRHP)

Risks

Do not have definitive agreements for supply of products or fixed terms of trade with majority of suppliers

Business growth depends on ability to attract and retain suppliers. Further, the company is dependent on a wide catchment of watch brands for operations (Source: Company DRHP)

Business partly depends on the continued success and reputation of third-party brands globally

Any negative impact on these brands, or a failure by owners of these brands to protect them, as well as other intellectual property rights and proprietary information, may adversely affect business, results of operations, financial condition and cash flows (Source: Company DRHP)

Financials

  • Net Worth
  • Revenue from operations
  • Total borrowings
  • Profit/(Loss)
  • Basic Earning per Share (EPS)

Industry Trends

Watch Market in India was valued at ~₹ 13,500 crores in Fiscal 2020 and is expected to grow at a CAGR of 10.6% to reach ~ ₹ 22,300 crores by FY 2025, on back of factors like increased discretionary spend on watches category, opening of more organized channels of purchase like MBOs and online marketplaces & vertical specialists, increased penetration of smartwatches in mid to premium category and Omnichannel market organization (Source: Technopak Report as per Company DRHP)

- Size of Organised & Unorganised Market in Watch Retail : The watch industry is dominated by the organised sector having a 65% share of the overall market, and unorganised market contributing to 35%. While the organized watch market in FY 2020 was estimated at ~INR 8,700 Cr, the unorganised market was approximately INR 4,780 Cr. (Source: Company DRHP)

- Indian Watch Market: The Indian watch market is further segmented basis Product type and Price. On the basis of Product type, they aredifferentiated as ‘Traditional watches’ (includes both Analogue and Digital Watches) and smart watches. While traditional watches occupy almost 76% share of the overall watch market, smartwatches hold 24% share (Source: Company DRHP)

Subscription Status

Retail Individual Investor
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Qualified Institutional Buyers
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  • lock-in of 3 years
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    Choose the IPO you want to apply from the list. Click on Apply.

  • lock-in of 3 years
    Fill in the required details

    Fill in the quantity of shares. To apply at maximum price, check the cut-off price box and amount is auto calculated. If you want to apply at some other price within the price band, then you can enter the price manually by clicking on “Add bid” option.

  • lock-in of 3 years
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