Ethos Limited

IPO Size

`472.29 Cr

Price Band

`836-878 Per Share

Minimum Lot Size

17 Share

Face Value

`10 Per Share

Employee Discount


Retail Allocation


Issue Open Date

18 May 2022

Issue Close Date

20 May 2022

Listing Date

30 May 2022

About the Company:

Ethos is India’s largest luxury and premium watch retail player, delivering a content-led luxury retail experience to its customers through online and physical presence.

In addition to its chain of 50 physical retail stores in 17 cities in India in a multi-store format, Ethos offers an Omnichannel experience to its customers through our website and social media platforms.

The firm has the largest portfolio of premium and luxury watches in India enabling Ethos to retail 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.

Ethos enjoys a healthy market share of 20% in the luxury watch retail segment and 13% in the premium and luxury watch retail segment in India.


Outstanding Litigation:

S.No.  Company  Directors  Promoters
Entity Name By the Company Against the Company By the Director Against the Director By the Promoter Against the Promoter
Criminal cases 2 - - - - -
Material civil cases 1 1 - 1 - 2
Taxation matters - 13 - - - 8
Regulatory Proceedings - - - - - 1

Financial Statements:

Income Statement(in Milllions) Sep'21 FY21 FY20 FY19
Gross Operating Income 23,086.00 40,314.23 46,100.56 44,509.63
Cost of Employee & Inventory 1,928.78 2,920.31 3,317.02 3,312.52
Other Expenses 20,378.44 34,683.88 40,626.77 38,683.68
EBITDA 2,700.56 5,643.85 5,440.36 5,825.95
Depreciation 1,440.67 3,135.91 3,278.90 2,566.21
Finance Cost 760.34 1,698.21 1,962.89 1,611.95
Profit Before Tax 499.55 809.73 198.57 1,647.79
 Tax 124.14 231.20 331.97 658.91
Profit After Tax 375.41 578.53 -133.40 988.88


Promoter of the Company

Yashovardhan Saboo, KDDL Limited, and Mahen Distribution Limited

Peer Comparison

No Listed Peer

Objectives of the Issue

Offer for Sale

The proceeds from the sale of shares by shareholders worth Rs 97.29 crores will not go to the company.

Fresh Issue

The proceeds from the sale of fresh equity shares worth Rs 375 crores will be utilized for the following: • Repayment or pre-payment, in full or in part, of all or certain borrowings availed by our Company. • Funding working capital requirements of our Company. • Financing the capital expenditure for establishing new stores. • Financing the renovation of certain existing stores and up-gradation of enterprise resource planning software. • General corporate purpose.

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