{"id":25525691,"date":"2022-05-29T10:00:11","date_gmt":"2022-05-29T04:30:11","guid":{"rendered":"https:\/\/entri.app\/blog\/?p=25525691"},"modified":"2022-05-30T12:47:38","modified_gmt":"2022-05-30T07:17:38","slug":"ethos-limited-ipo-all-you-need-to-know","status":"publish","type":"post","link":"https:\/\/entri.app\/blog\/ethos-limited-ipo-all-you-need-to-know\/","title":{"rendered":"Ethos Limited IPO All You Need To Know"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e934d0a56fa\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e934d0a56fa\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/entri.app\/blog\/ethos-limited-ipo-all-you-need-to-know\/#About_the_company\" >About the company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/entri.app\/blog\/ethos-limited-ipo-all-you-need-to-know\/#Strategy\" >Strategy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/entri.app\/blog\/ethos-limited-ipo-all-you-need-to-know\/#Objective_of_Ethos_IPO\" >Objective of Ethos IPO<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/entri.app\/blog\/ethos-limited-ipo-all-you-need-to-know\/#What_investors_should_do\" >What investors should do<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/entri.app\/blog\/ethos-limited-ipo-all-you-need-to-know\/#Risk_Factors\" >Risk Factors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/entri.app\/blog\/ethos-limited-ipo-all-you-need-to-know\/#How_to_apply_for_an_IPO\" >How to apply for an IPO?<\/a><\/li><\/ul><\/nav><\/div>\n<p>Initial public offering (IPO) by Ethos Limited, one of the largest watch retailers in the Indian premium and luxury watch industry, is slated to hit the primary market on Wednesday to raise Rs 472 crore from investors. The company has fixed a price band of Rs 836-Rs 878 per share for the public offer, which will close on May 20. The IPO includes a Rs 375 crore fresh issue and an offer for sale (OFS) of 11.08 lakh shares. Following the listing, the market capitalisation of Ethos at the cap price would be around Rs 2,050 crore. Shares of the company are proposed to be listed on leading stock exchanges BSE and NSE both.<\/p>\n<p>Below are other key things you should know before subscribing to the issue.<\/p>\n<p><a href=\"https:\/\/entri.sng.link\/Bcofz\/yv45\/8wer\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-25525622 size-full\" src=\"https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/05\/blog-banner1-1-1.png\" alt=\"\" width=\"345\" height=\"345\" srcset=\"https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/05\/blog-banner1-1-1.png 345w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/05\/blog-banner1-1-1-300x300.png 300w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/05\/blog-banner1-1-1-150x150.png 150w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/05\/blog-banner1-1-1-24x24.png 24w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/05\/blog-banner1-1-1-48x48.png 48w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/05\/blog-banner1-1-1-96x96.png 96w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/05\/blog-banner1-1-1-75x75.png 75w\" sizes=\"auto, (max-width: 345px) 100vw, 345px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"About_the_company\"><\/span><b>About the company<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Ethos has a sizeable portfolio of premium and luxury watches in India, enabling it to retail 50 premium and luxury watch brands like Rolex, Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, Rado, Longines, Tissot. The company enjoys a market share around 13 per cent in the \u2018premium and luxury watch retail\u2019 segment in India. The company is a subsidiary of listed company KDDL Ltd. KDDL, along with its subsidiary Mahen Distribution and the promoter group, has a pre-offer stake of around 81 per cent in Ethos, which shall drop to 62 per cent after a successful IPO.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Strategy\"><\/span><b>Strategy<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Going ahead, Ethos\u2019 strategy is to improve assortment for existing brands as well as bring new brands to India through exclusive partnerships or otherwise, expand retail presence with 13 new stores and scale-up complimentary channels of CPO\/ other luxury categories. According to Emkay Global Financial Services, Ethos\u2019 average selling price (ASP) has increased from Rs 73,261 in fiscal 2019 to Rs 1,42,795 for the nine months ended December 31, 2021, led by an increase in the mix of luxury and high luxury watch categories.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Objective_of_Ethos_IPO\"><\/span><strong>Objective of Ethos IPO<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The proceeds from the issue will be used in the following manner:<br \/>\n<strong>1.\u00a0<\/strong>Rs 29.89 crore will be utilised for the repayment of debt,<br \/>\n<strong>2.<\/strong>\u00a0Rs 236.75 crore for funding working capital requirements,<br \/>\n<strong>3.<\/strong>\u00a0Rs 33.27 crore for financing establishment of new stores,<br \/>\n<strong>4.<\/strong>\u00a0Rs 1.98 core for financing upgradation of enterprise resource planning (ERP) and<br \/>\n<strong>5.\u00a0<\/strong>general corporate purpose<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_investors_should_do\"><\/span><b>What investors should do<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Nirmal Bang Securities has given a \u2018Subscribe for long term\u2019 rating to the issue. \u201cThe company is expanding its stores (13 new stores over 50 existing in the next three years) and with new categories, we believe it can grow strongly. We understand that the company is very small as compared to other listed retail players and focused on one category (currently), we believe that there is scope for growth in future. On current valuations, it looks attractive on EV\/EBITDA and EV\/Sales basis,\u201d the brokerage said.<\/p>\n<p>On the other hand, Marwadi Financial Services has given a \u2018Subscribe (with caution)\u2019 rating to the issue. \u201cThe IPO is richly priced and the company will have to continue growing its business at a high growth rate to justify its valuation which keeps us cautious from a long term perspective,\u201d the brokerage said.<\/p>\n<p>ICICI Securities has given an \u2018Avoid\u2019 rating to the issue. It said that over the last five years, revenues have grown at a moderate pace of around 11 per cent CAGR in FY17-22 (annualising 9MFY22 sales). The company has clocked in average PAT margins of 2-2.5 per cent (except for 9MFY22 wherein the company reported higher PAT margins of 3.8 per cent).<\/p>\n<p>\u201cDespite Ethos following an asset-light business model, higher capital blockage in inventory and lower margins have translated into company reporting single-digit RoE (around 7-8%). At the upper end of the price band, Ethos is valued at 95 times P\/E on an annualised FY22E basis. Sustained enhancement in profitable growth and improvement in return ratios would be key monitorables, going ahead,\u201d ICICI Securities said.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risk_Factors\"><\/span><strong>Risk Factors<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Ethos does not have definitive agreements for the supply of products or fixed terms of trade with a majority of its suppliers. The failure to successfully leverage supplier relationships and networks could adversely affect the company.<\/li>\n<li>The company\u2019s business partly depends on the continued success and reputation of third-party brands across the globe. Any negative impact on these brands or the failure to protect intellectual property rights may severely affect Ethos\u2019 operations<\/li>\n<li>Most of the company\u2019s suppliers work with them on a non-exclusive basis. In the absence of exclusivity with suppliers, Ethos may be subject to stiff competition from entities that have more resources.<\/li>\n<li>Ethos is dependent on watch brands for the manufacturing of all the products it sells. Any disruptions in third-party manufacturing facilities or the failure to adhere to relevant quality standards could harm the company\u2019s reputation.<\/li>\n<li>The inability to identify customer demand accurately or maintain an optimal level of inventory in stores may adversely impact its operations.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"How_to_apply_for_an_IPO\"><\/span><strong>How to apply for an IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Login to your 5paisa account and select the issue in the<br \/>\ncurrent IPO section<\/li>\n<li>Enter the number of lots and price at which you wish to<br \/>\napply for<\/li>\n<li>Enter your UPI ID and click on submit. With this, your<br \/>\nbid will be placed with the exchange<\/li>\n<li>You will receive a mandate notification to block funds in<br \/>\nyour UPI app<\/li>\n<li>Approve the mandate request on your UPI and funds<br \/>\nwill be blocked<\/li>\n<\/ul>\n<p><strong style=\"color: #1d1f20;font-size: 1.953em\">10 key things to know before subscribing to the issue<\/strong><\/p>\n<p><strong>1 IPO dates<\/strong><strong>\u00a0<\/strong><\/p>\n<p>The offer will open for subscription on May 18 and will close on May 20.<\/p>\n<p><strong>2 Price Band<\/strong><\/p>\n<p>Of the IPO, 50 percent of the offer is reserved for qualified institutional buyers (QIBs), 35 percent for retail investors and the remaining 15 percent for non-institutional investors.<\/p>\n<p><strong>4 Objectives of the Issue<\/strong><\/p>\n<p>The company intends to utilise the net proceeds from the fresh issue to pre-pay or repay in part or full the existing loans availed by the company to an extent of Rs 29.89 crore. A sum of Rs 234.96 crore will be used towards funding the working capital requirements, Rs 33.27 crore for opening new stores and renovating existing ones and Rs 1.98 crore will be for the upgrade of ERP system. The remaining funds will be used for general corporate purposes, the company has said.<\/p>\n<p>The company will not get any proceeds from the OFS portion.<\/p>\n<p><strong>5 Lot size<\/strong><\/p>\n<p>Investors can bid for a minimum lot size of 17 shares and in multiples thereof. The minimum investment for a retail investor works out to be Rs 14,926 at the upper end of the price band for 17 shares. A retail investor can apply for up to 13 lots, or 221 shares, for Rs 1,94,038.<\/p>\n<p><strong>6 Company profile &amp; industry<\/strong><\/p>\n<p>The company was incorporated as \u201cKamla Retail Limited\u201d on November 5, 2007. It was India\u2019s largest luxury and premium watch retail player with a\u00a013 percent share of the total sales in premium and luxury segment and a 20 percent share when seen in the exclusive luxury segment in the financial year 2020.<\/p>\n<p>Ethos Limited delivers premium and luxury watches through websites, social media platforms and physical stores. It operates on an omni-channel model and allows customers to order products either offline or online. It also allows them to browse product catalogues and place orders online with doorstep delivery.<\/p>\n<p>The company&#8217;s watch portfolio has\u00a050\u00a0premium brands, including Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, H Moser &amp; Cie, Rado, Longines, Baume &amp; Mercier, Oris SA, Corum, Carl F Bucherer, Tissot, Raymond Weil, Louis Moinet and Balmain.<\/p>\n<p>Its network includes\u00a050 physical retail stores in 17 cities and has 7,000 different premium watches and 30,000 watches in stock at any given time.<\/p>\n<p>In addition to their premium and luxury watch retail, Ethos also undertakes retail of certified pre-owned luxury watches under \u2018Certified Pre-Owned\u2019 luxury watch lounge in New Delhi.<\/p>\n<p>The luxury and high luxury watch sales constituted 46.06 percent of the total sales in FY19, 48.09 percent during FY20, 58.00 percent in FY21 and 64.41 percent during the 9-month period ended December 31, 2021.<\/p>\n<p><strong>7 Financials<\/strong><\/p>\n<p>For FY21, Ethos reported revenue of Rs 386.57 crore as against Rs 457.85 crore a year ago, registering a YoY decline of 15.6 percent. Net profit for the period stood at Rs 5.79 crore versus a loss of Rs 1.33 crore last year. For the nine months ended December 2021, the company generated more revenue than it achieved in whole of FY21. The company recorded revenue of Rs 418.59 crore during the first nine months of FY22 and the net profit for the period jumped to Rs 15.99 crore.<\/p>\n<p>Its net margins for 9MFY22 stood at 3.82 percent as against 1.50 percent in FY21.<\/p>\n<p><strong>8 Strengths and business strategy<\/strong><\/p>\n<p>The company\u2019s strength lies in its access to a large base of luxury customers and the leadership position it enjoys in the attractive luxury-watch market. Its deep understanding of digital and omnichannel commerce coupled with a strategically located and well-invested store network with an attractive in-store experience provides Ethos a strategic edge over its competitors.<\/p>\n<p>Ethos has strong and long-standing relationships with the world\u2019s leading luxury watchmakers, through which it is able to offer its customers the respected luxury watches brands in the world, the company said in it is documents.<\/p>\n<p><strong>9 Promoters &amp; key management personnel<\/strong><\/p>\n<p>Mahen Distribution Ltd and Yashovardhan Saboo are the promoters of the company. They hold 14,790,121 equity shares, representing 77.52 percent of the issued, subscribed and paid-up equity share capital.<\/p>\n<p>Saboo is the managing director of the company since incorporation and Pranav Shankar Saboo is the CEO.<\/p>\n<p>Ritesh Kumar Agrawal is the chief financial officer and Anil Kumar the company secretary and compliance officer.<\/p>\n<p><strong>10 Grey market, allotment and listing dates<\/strong><\/p>\n<p>The company\u2019s shares are not commanding premium in the grey market, according to IPO Watch and IPO Central, both of which track the grey market movements.<\/p>\n<p><a href=\"https:\/\/entri.sng.link\/Bcofz\/yv45\/8wer\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-25525623 size-full\" src=\"https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/05\/blog-banner-1-1.png\" alt=\"\" width=\"970\" height=\"250\" srcset=\"https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/05\/blog-banner-1-1.png 970w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/05\/blog-banner-1-1-300x77.png 300w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/05\/blog-banner-1-1-768x198.png 768w, https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/05\/blog-banner-1-1-750x193.png 750w\" sizes=\"auto, (max-width: 970px) 100vw, 970px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Initial public offering (IPO) by Ethos Limited, one of the largest watch retailers in the Indian premium and luxury watch industry, is slated to hit the primary market on Wednesday to raise Rs 472 crore from investors. The company has fixed a price band of Rs 836-Rs 878 per share for the public offer, which [&hellip;]<\/p>\n","protected":false},"author":92,"featured_media":25525819,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[802,558,1867],"tags":[],"class_list":["post-25525691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-general-knowledge","category-stock-marketing"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethos Limited IPO All You Need To Know - Entri Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/entri.app\/blog\/ethos-limited-ipo-all-you-need-to-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethos Limited IPO All You Need To Know - Entri Blog\" \/>\n<meta property=\"og:description\" content=\"Initial public offering (IPO) by Ethos Limited, one of the largest watch retailers in the Indian premium and luxury watch industry, is slated to hit the primary market on Wednesday to raise Rs 472 crore from investors. 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