Ethos Limited Initial Public Offering (IPO) of Rs 472cr
Ethos Limited, a consumer durables and apparel company based in Parwanoo, India, has announced an Initial Public Offering (IPO) of Rs 472cr on 20 May 2022. The IPO consists of a fresh issue of Rs 375cr and an offer for sale of Rs 97 cr. The price band has been allocated between Rs 836 to 878 per share.
The net proceeds from the fresh issue will be used for repayment of the debt, working capital requirements, opening new stores, and general corporate purposes. Ethos is the largest luxury and premium watch retailer in India and it delivers premium luxury watches through websites, social media platforms, and physical stores. Ethos operates on an omnichannel model and allows customers to order products either offline or online and have the flexibility of buying products at one store and returning at another or browsing product catalogue and placing orders online with doorstep delivery.
The primary investor in the IPO is ICICI Prudential Flexicap fund, investing Rs 465 Mn for a 23.04% stake in the company. Other investors include Jupiter India Fund, Saint Capital Fund, Cohesion MK best Ideas Sub- trust, Coeus Global Opportunities Fund, Alchemy Leaders Of Tomorrow Closed-Ended Fund – Series 2, UPS Group Trust, Nomura Singapore Limited ODI, and South Asia Access Fund.
The secondary sellers in the IPO include KDDL Limited, Yashovardhan Saboo, Mahen Distribution Limited, Saboo Ventures Llp, Anuradha Saboo, Nagarajan Subramanian, Jai Vardhan Saboo, C. Raja Sekhar, Vbl Innovations Private Limited, Anil Khanna, Karan Singh Bhandari, Harsh Vardhan Bhuwalka, Anand Vardhan Bhuwalka, Shalini Bhuwalka, and Manju Bhuwalka P.
Ethos Limited was incorporated on 05 Nov 2007 and is currently unlisted. It is a part of the Apparel & Luxury Goods sector and the luxury retail sub-sector.
This IPO marks a major milestone for Ethos Limited and is a testament to the company’s growth and success.
