Ethos IPO listing today: Shares likely to make flat debut on exchanges, say Anil Singhvi, expert

Ethos IPO listing date: Shares of Ethos IPO are all set to be listed on the exchanges on Monday, May 30, 2022. The three-day initial public offer (IPO) of Luxury and premium watch retail player Ethos that closed on May 20 was subscribed 1.04 times on the last day.  

The IPO which opened for subscription on Wednesday, May 18, 2022, aimed to raise Rs 472.3 crore at the upper end of the price band. The IPO comprises fresh issue of equity shares aggregating to Rs 375 crore and an Offer-For-Sale (OFS) of up to 1,108,037 equity shares. The public issue had set a price band of Rs 836-878 a share for this issue. Investors were allowed to bid for a minimum of 17 equity shares and in multiples of 17 thereafter.   

Meanwhile, ahead of the listing of shares, Zee Business Managing Editor Anil Singhvi said that the shares of premium watch retail player are expected to list near issue price of Rs 878. Earlier, Singhvi had said that the company is backed by strong promoters and is a profit-making company with a good financial track record, however, it comes at expensive valuations.   

He had recommended only risk-taking investors to apply.  

Aayush Agrawal, Senior Analyst, Swastika Investmart Ltd, said the company doesn’t have a listed peer, but the valuation demanded is too rich despite the prospects being good and the current volatile market is not conducive for primary issues with such rich valuations.  

"We expect a tepid listing because of expensive valuations but any positive surprise can't be ruled out amid improved market sentiments," he said.  

Ethos has the largest portfolio of premium and luxury watches in India and retails 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.  Under the brand name Ethos, it opened its first luxury retail watch store in January 2003 in Chandigarh.