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Ethos Limited IPO Detail

Ethos Limited Logo

Ethos Limited is the largest luxury and premium watch retailer in India. The company delivers premium luxury watches through websites, social media platforms and physical stores. Ethos Limited 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 catalogues and placing orders online with doorstep delivery.

The company’s watch portfolio has 50 premium brands including 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.

The company has 50 physical retail stores in 17 cities in India including New Delhi Mumbai, Bengaluru, Hyderabad, Chennai, Kolkata, Chandigarh, Ahmedabad, Jaipur, Lucknow, Gurgaon, Guwahati, Ludhiana, Nagpur, Noida, Pune and Thane. Ethos Limited has 7,000 different premium watches and 30,000 watches in stock at any given time.

As of December 31, 2021, the company’s website had 21,844,216 visitor sessions.

Competitive Strengths:

  1. Access to a large base of luxury Customer.
  2. Deep understanding of digital and Omnichannel commerce.
  3. Strategically located and well-invested store network with an attractive in-store experience.
  4. Strong and long-standing relationships with luxury watch brands and luxury groups.
  5. Leadership position in an attractive luxury watch market.
  6. Experienced and committed management team with a proven track record.

Company Promoters:

Yashovardhan Saboo, KDDL Limited and Mahen Distribution Limited are the company promoters.

Company Financials:

ParticularsFor the year/period ended (Rs in Lakhs)
Total Assets41,624.8839,204.3842,195.6536,892.56
Total Revenue23,086.0040,314.2346,100.5644,509.63
Profit After Tax375.41578.53-133.40988.88

Objects of the Issue:

The company propose to utilise the Net Proceeds towards funding the following objects:

  1. Repayment or pre-payment, in full or in part, of all or certain borrowings availed by our Company.
  2. Funding working capital requirements of our Company.
  3. Financing the capital expenditure for establishing new stores.
  4. Financing the renovation of certain existing stores and upgradation of enterprise resource planning software.
  5. General corporate purpose.

Ethos Limited IPO Details

Ethos Limited IPO DateMay 18, 2022 to May 20, 2022
Ethos Limited IPO Face Value₹10 per share
Ethos Limited IPO Price₹836 to ₹878 per share
Ethos Limited IPO Lot Size17 Shares
Issue Size[.] shares of ₹10
(aggregating up to ₹472.29 Cr)
Fresh Issue[.] shares of ₹10
(aggregating up to ₹375.00 Cr)
Offer for Sale1,108,037 shares of ₹10
(aggregating up to ₹97.29 Cr)
Issue TypeBook Built Issue IPO
Listing AtBSE, NSE
QIB Shares Offered50% of the net offer
Retail Shares Offered35% of the net offer
NII (HNI) Shares Offered15% of the net offer
Company PromotersYashovardhan Saboo, KDDL Limited and Mahen Distribution Limited are the company promoters.

Ethos Limited IPO Timeline (TimeTable)

IPO opens on May 18, 2022, and closes on May 20, 2022. IPO bid date is from May 18, 2022 10.00 A.M. to May 20, 2022 5.00 P.M. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.

Ethos Limited IPO Opening DateMay 18, 2022
Ethos Limited IPO Closing DateMay 20, 2022
Basis of AllotmentMay 25, 2022
Initiation of RefundsMay 26, 2022
Credit of Shares to DematMay 27, 2022
Ethos Limited IPO Listing DateMay 30, 2022

Ethos Limited IPO Lot Size

IPO lot size is 17 shares. A retail-individual investor can apply for up to 13 lots (221 shares or ₹194,038).


IPO Promoter Holding

Pre Issue Share Holding79.75%
Post Issue Share Holding

IPO Prospectus

Company Contact Information

Ethos Limited
Plot No. 3,
Sector- III, Parwanoo,
Himachal Pradesh -173 220
Phone: + 91 1792 232 462/233 402
Email: [email protected]

IPO Registrar

KFin Technologies Limited

Phone: 04067162222, 04079611000
Email: [email protected]

IPO Lead Manager(s)

  1. Emkay Global Financial Services Ltd 
  2. InCred Capital Financial Services Pvt Ltd