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Details you don’t want to miss

Issue size

Upto Rs. 472 Cr

Issue Period

May 18 – May 20, 2022

Price band

Rs. 836 - Rs. 878

Market lot / Multiples

17 shares

Issue Timeline

Bidding period

May 18 – 20, 2022

Allotment

May 25, 2022

Refund Initiation

May 26, 2022

Share Crediting

May 27, 2022

Listing

May 30, 2022

Ethos Ltd IPO Overview

- 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 & Risks associated

Top 0 Strengths

  • 1

    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)

  • 2

    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)

  • 3

    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)

Top 0 risks

  • 1

    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)

  • 2

    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)

Net Worth

Revenue from operations

Total borrowings

Profit/(Loss)

Basic Earning per Share (EPS)

Industry Trends

Subscription Status

Retail Individual Investor
Non-Institutional Investor
Qualified Institutional Buyers
Overall

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FAQs

An Initial Public Offering (IPO) is when a company issues common stock or shares to the public for the first time. It is the process where a privately held company becomes a publicly traded company with the initial sale of its stock. An IPO is a tool that companies use to secure capital through investments for future use. In most instances, this investment is used to expand or improve the business.

A price band is a price floor and a cap between which a seller will let buyers place bids on a security, usually during an initial public offering (IPO).

Minimum Order Quantity, as name says, is the minimum number of shares investors can apply while bidding in an IPO. If investors want to bid for more shares, they can apply in multiples of IPO market lot (lot Size or IPO bid lot) of shares.

If an investor wants to place bids for less than Rs.2 lacs, he needs to apply in the Retail segment. If an investor wants to bid for more than Rs.2 lacs, he needs to apply in the HNI segment.

Cut-off price is the offer price, finalized by a company in consultation with the book running lead managers (BRLMs), which could be any price within the price band. Applying on Cut-off price means the investor is ready to pay whatever price is decided by the company at the end of the book-building process.

When applying at a cut-off price, an investor has to pay the highest price while placing the bid. If a company decides the final price lower than the highest price asked for IPO, the remaining amount is returned to the retail investor.

An investor can apply in all Mainboard IPOs through ICICIdirect. However, if the investor wants to apply in SME IPOs, he/she can do it through the net banking portal of ICICI Bank.

ASBA stands for "Applications Supported by Blocked Accounts". At the time of bidding, investors’ account is blocked to the extent of the bid amount and debited only at the time of allotment. This facility is being offered by ICICIDirect in affiliation with ICICI Bank Limited.

In other payment options, the bid amount is debited when investors’ bid application is placed with the stock exchanges. Under the ASBA process, the amount will be debited from investors’ bank account to the extent of successful allotment at the time of allotment. Until such allotment, the amount will remain blocked in investors’ bank account.

Application under this facility can be placed only for Book Built Public Issues.

An investor can place maximum of 3 bids in an issue.

The investor with Demat account in ICICIdirect can apply in an IPO by logging in to his ICICIdirect Account. The investor needs to select IPO and then the name of the IPO in which he would like to apply. Given below is the path:

Login to ICICIdirect account >> IPO >> Name of IPO

Investor can apply in the retail section of an IPO through iDirect Portal even if he has a 2-in-1 account (Demat, Trading Accounts) with us and Bank account with third party.

Yes, the investor can revise or withdraw the bids after application. It can be done only once the order is executed. The investor needs to go to the IPO Order Book and select the Transaction Id and then click on Withdraw Application/ Revise Bid. The application in the non- institutional category cannot be withdrawn but can only be revised.

However, this needs to be done during the issue itself and cannot be done after the issue is closed. In case of ASBA applications, for upward revision of bid, additional lien will be marked to the extent of incremental amount. However, in case of downward revision, differential money blocked earlier will not be released. Such amount, if any, will be released after allotment

No, one person cannot apply multiple times with same Demat/PAN for an IPO. If an investor applies in an IPO though multiple applications with same Demat account or same PAN Number, his applications will be rejected.

If an investor would like to place order for multiple applications, he/she can apply with his/her family member's name. But, all eligible family members should have a Demat account and a PAN number.

In cases where issue is over-subscribed, bidding for more than 1 lot from the same account doesn’t help as maximum of only 1 lot can be provided against each application. However, if the investor applies for 1 lot from different accounts, the probability of allocation of shares increases.