Luxury watch retailer Ethos has filed draft red herring papers with SEBI to raise up to Rs.- crores via initial public offerings. The IPO comprises a Fresh Issue of Rs.400 crores & an Offer for Sale of 1,108,037 equity shares offered by promoters.
Offer for Sale by Promoters:
The offer for sale consists of 2,75,000 Equity Shares by Yashovardhan Saboo, up to 5,00,000 Equity Shares by KDDL Limited, up to 50,000 Equity Shares by Mahen Distribution Limited, up to 1,50,000 Equity Shares by Saboo Ventures LLP, up to 60,000 Equity Shares by Anuradha Saboo, up to 15,000 Equity Shares by Jai Vardhan Saboo, up to 10,500 Equity Shares by VBL Innovations Private Limited, up to 6,250 Equity Shares by Anil Khanna, up to 19,231 Equity Shares by Nagarajan Subramanian, up to 10,556 Equity Shares by C. Raja Sekhar, up to 3,000 Equity Shares by Karan Singh Bhandari, up to 2,125 Equity Shares by Harsh Vardhan Bhuwalka, up to 2,125 Equity Shares by Anand Vardhan Bhuwalka, up to 2,125 Equity Shares by Shalini Bhuwalka and up to 2,125 Equity Shares by Manju Bhuwalka..
Read Also: Ethos DRHP Document
Ethos is a luxury and premium watches retailer in India selling luxury branded watches 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. They are selling around 60 luxury watches brands in India with 50 stores in India across 17 cities. The company opened its first store in 2003 in Chandigarh, The company is promoted by KDDL Limited. Ethos made a profit of Rs.57.85 crores while the revenues stood at Rs.403 crores for FY21.
The book-running lead managers of the IPO are Emkay Global Financial Services Limited and InCred Capital Wealth Portfolio Managers Private Limited, KFin Technologies Private Limited is the registrar to the Issue. The shares are proposed to be listed on NSE and BSE.
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