Ethos IPO

Ethos Ltd.

₹14,212 /17 sharesMinimum Investment

Ethos IPO DetailsBidding DatesMin. InvestmentLot SizePrice Range
18 May ‘22 - 20 May ‘22₹14,21217₹836 - ₹878
Issue SizeIPO Doc
472.29CrRHP PDF
Subscription Status As on 20 May '22, 5:00 PMRetail Individual Investor
0.84x
Non-Institutional Investor
1.48x
Qualified Institutional Buyers
1.06x
Total
1.04x
About EthosEthos is a luxury and premium watch retail player selling products through online and physical presence. The company has a chain of 50 physical retail stores in 17 cities in India in a multi-store format, and provides an omnichannel experience to customers through website and social media platforms.
The company sells over 50 brands including Omega, and IWC Schaffhausen and has a 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*).
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Parent Organisation
Ethos Ltd.
Founded
2007
Managing Director
Yashovardhan Saboo
Strengths & Risks
Access to a large base of luxury customers - as of December 31, 2021 access to a High Net Worth Individual (HNI) customer base stood at over 2,76,000. 
Access to digital platform of the company increased over the calendar years i.e. 1.55 crore number of sessions in 2019 to 2.15 crore number of sessions in December 31, 2021.
Physical presence with 50 retail stores coupled with website presence. 
Flagship stores are high-street stores allowing lower mall dependency. 
Strong and long-standing relationships with luxury watch brands. 
The company is the largest retailer for luxury watches in India commanding 20% market share of the organised market for luxury watch retail in India (Source: Technopak Report*)
Higher margins for luxury and above watch segments. 
Portfolio of 50 premium and luxury watch brands. 
The company does not have definitive agreements for the supply of products or fixed terms of trade with the majority of its suppliers.
Dependent on watch brands for the manufacturing of all the products sold on the platform.
There are outstanding legal proceedings involving the company, its directors, and its promoter – KDDL Limited.
Sales for the six months period ended September 30, 2021, were concentrated in certain Tier I cities in India in a relatively small number of stores.
The company does not own the “ETHOS” and “SUMMIT” brands/trademarks as the same are owned by KDDL Limited. 
The growth of online retailers may create pricing pressures, increase competition, and adversely affect the business.
Restated loss for the year stood at Rs 1.33 crores in Fiscal 2020. 
Premises of all of the company’s stores and warehouses are leased.
business is subject to seasonality. 
The company has secured loans that are repayable on demand and have other restrictive conditions. 
The company has entered into and may continue to enter into, related party transactions which may not always enable it to achieve the most favorable terms. 
Managing Director, Yashovardhan Saboo is on the Board of Directors of Joint Venture i.e. Pasadena Retail Private Limited, whose business is similar to Ethos. 
*The company commissioned and paid for an industry report from Technopak specifically for the purpose of the IPO.
Financials
*All values are in Rs. Cr
No Graph Data To Display
Application detailsApply asPrice bandApply upto
Regular₹836 - 878₹2 Lakh
For Ethos IPO, eligible investors can apply as Regular.

Bidding Dates	Min. Investment	Lot Size	Price Range
18 May ‘22 - 20 May ‘22	₹14,212	17	₹836 - ₹878

Issue Size	IPO Doc
472.29Cr	RHP PDF

Apply as	Price band	Apply upto
Regular	₹836 - 878	₹2 Lakh

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