Ethos public offer to open on May 18

Mumbai: The initial public offering of luxury and premium watch retailer Ethos, a subsidiary of KDDL, will open for subscription on May 18, to raise about ₹472 crore.

The company has fixed the price band at ₹836-₹878 per share for its offer. Investors can bid for a minimum of 17 shares and multiples of 17.

The IPO consists of a fresh issue of shares aggregating to ₹375 crore and an offer for sale of up to 1.1 mn shares by existing shareholders. The offer will close on Friday, May 20. Revenue from operations stood at ₹386.57 crore for FY21, while restated profit for the year was ₹5.78 crore in the same period. For the nine months ended December 2021, revenue from operations was ₹418.59 crore, and restated profit was ₹15.98 crore.