Ethos lists at over 6% discount from issue price

Ethos shares listing: The scrip of luxury watch retailer Ethos got listed at Rs 825.00 apiece on the NSE, thereby registering a fall of 6.04 per cent from its offer price of Rs 878.00.

2 min readNew DelhiUpdated: May 30, 2022 10:25 AM IST

Ethos IPO, Ethos Limited IPO, Ethos Ltd IPO

Ethos has the largest portfolio of premium and luxury watches in India and retails 50 premium and luxury watch brands. It opened its first luxury retail watch store in January 2003 in Chandigarh. (Representative image: Pixabay)

Ethos share price: Shares of luxury watch retailer Ethos debuted on a weak note and got listed at a discount of over 6 per cent from their issue price in the stock exchanges today.

The scrip got listed at Rs 825.00 apiece on the National Stock Exchange (NSE), thereby registering a fall of 6.04 per cent from its offer price of Rs 878.00, while on the BSE, it opened at Rs 830.00, down 5.47 per cent from the issue price.

The stock further dipped lower from its opening levels and touched a low of Rs 796.80 on the BSE and Rs 800.00 on NSE during the first 10 minutes of trade.

At 10:10 am, the scrip was trading at Rs 804.95 on the BSE, down 8.32 per cent from the issue price while on NSE it was at Rs 806.40, down 8.15 per cent. The market capitalisation stood at Rs 1,879.50 crore, data from the BSE showed.

Over 10.52 lakh shares of Ethos were traded so far on NSE while around 65 thousand shares have exchanged hands on the BSE, data from the respective stock exchange showed.

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 & Cie, Rado, Longines, Baume & Mercier, Oris SA, Corum, Carl F Bucherer, Tissot, Raymond Weil, Louis Moinet and Balmain. Under the brand name Ethos, it opened its first luxury retail watch store in January 2003 in Chandigarh.

The IPO was available for public subscription from May 18-20, 2022 and got subscribed 1.04 times by the final day.

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Reacting to the listing, Santosh Meena, Head of Research at Swastika Investmart said, “The company’s negative listing can be attributed to the rich pricing, current market sentiments, and lack of investor interest. The company is one of the largest sellers of luxury watches in India having a loyal customer base, omnichannel distribution network, long-standing relationships with the best luxury watchmakers, and experienced promoters. However, the high valuations, lack of exclusive agreements with watchmakers, inventory heavy operations make this issue suitable only for long-term investors having a high-risk appetite. Those who applied for listing gains can maintain a stop loss of Rs 800.”