HNI interest sees Ethos IPO scrape through with just 1.03x subscription

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Luxury watch retailer Ethos’ initial public offering (IPO) managed to scrape through with just 1.03 per cent subscription. The portion of the issue was subscribed 82 per cent, high networth individual portion was covered 1.48 times and institutional investor category received 1.06 times subscription.

Ethos’ Consists of fresh fund-raise of Rs 375 crore and an offer for sale of Rs 97.3 crore. The price band for the issue is Rs 836-878 per share.

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At the top end, the company is valued at Rs 2,050 crore.

Based annualised earnings per share of Rs 9.13 for 2021-22, the price-to-earnings multiple works out to 96.2x.

“The is richly priced and the company will have to continue growing its business at a high growth rate in order to justify its valuation,” Marwadi Financial Services had said in a pre-

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