Ethos files DHRP with Sebi for IPO
Luxury and premium watch retail player Ethos has filed a draft red herring prospectus (DHRP) with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
The IPO will offer shares worth Rs 400 crore ($53.4 million) and an offer-for-sale (OFS) of up to 1,108,037 equity shares.
As a part of the OFS, Yashovardhan Saboo, KDDL, Mahen Distribution, Saboo Ventures LLP, Anuradha Saboo Jai Vardhan Saboo, VBL Innovations, Anil Khanna, Nagarajan Subramanian, C. Raja Sekhar, Karan Singh Bhandari, Harsh Vardhan Bhuwalka, Anand Vardhan Bhuwalka, Shalini Bhuwalka and Manju Bhuwalka will sell equity shares.
The company will utilise the funds raised from the IPO to repay its debts and opening of new stores.
Ethos currently has 50 physical retail stores in 17 cities in India. The company had posted a net profit of Rs 6 crore with a revenue of Rs 386 crore for the fiscal year 2021.
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, Rado, Longines, Tissot, and Raymond Weil, among many others.
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