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May 18 12 tweets 3 min read
ETHOS Limited #IPO

Issue Details:

Issue Date: 18th May’22 to 20th May’22

Lot Size: 17 shares

Price-Band: Rs 836 – Rs 878

Issue Size: Fresh Issue of Rs 375 cr and OFS of Rs 94 cr
Objective of the issue :

a. Repayment or pre-payment, in full or in part, of all or certain borrowings availed by the company

b. Funding working capital requirements of the company
c. Financing the capital expenditure for establishing new stores, renovation of certain existing stores, and upgradation of the enterprise resource planning software

d. general corporate purposes
Shareholding Pattern :
About the company :

Ethos Limited is one of the largest luxury and premium watch retail players having a 13% share of the total retail sales in the premium and luxury segment, and a share of 20% when seen in the exclusive luxury segment in the financial year 2020.
The company is the market leader in the Luxury watch segment in India, and it also leads the Luxury Omnichannel market in India, with a wide omnichannel presence and focus.
STRENGTHS :

1. Leading luxury watch an omnichannel retail player in India

2. Access to a large luxury customer base

3. Strong and long-standing relationships with luxury watch brands
4. Founder-led company supported by a professional management team

5. Strategically located and well-invested store network with the attractive in-store experience
RISK :

1. The company faces foreign exchange risks that could adversely affect its results of operations and cash flows

2. The sales of the company are concentrated in certain Tier I cities in India.
The top three stores located in the National Capital Territory (NCT) of Delhi, Bengaluru, and Karnataka contributed 29.11% and 32.58% to the sales for the Fiscal 2021 and nine months period ending 31st Dec 2021, respectively
Here’s a look at the key financials of the company :

Source: Marwadi Shares
OUR VIEW:

Considering the EPS of FY21/FY22 (Annualised) on a post-issue basis, Company is going to list at a P/E of 354x/96x. There are no peers who are listed.

We won't be subscribing to the issue as the same is overpriced.

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