New Delhi: Ethos, one of the largest and premium watch retailers in India, made tepid debut on the BSE and NSE on Monday.
According to data from the BSE, the shares of Ethos were listed at 5.78 per cent discount to the issue price in the last listing for May.
On the BSE, the stock opened at Rs 830 against issue price of Rs 878, while the listing price on the National Stock Exchange (NSE) was Rs 825.
The BSE on Monday tweeted pictures of the listing ceremony of Ethos.
The initial public offering (IPO) of Ethos received tepid response from the investors when it had opened for subscription earlier this month. Anticipating the volatility in the stock market, high price of the public offer, and muted interest among the investors and grey market, the analysts expected a flat listing for Ethos.
During the IPO, the subscription of Ethos was on expected lines as the public issue managed to sail through on the last day, subscribed 1.04 times during May 18-20, supported by qualified institutional buyers who booked their portion 1.06 times.
The part set aside for non-institutional investors was subscribed 1.48 times and that for retail 84 per cent.
The price band for the offer was Rs 836-878 per share.
The IPO, which opened for subscription on May 18, aimed to raise Rs 472.3 crore at the upper end of the price band. Ethos has raised Rs 472.3 crore through its maiden public issue.
According to news reports, analysts had a mixed review on the IPO as a few clearly advised avoiding the issue given doubts over sustainability of performance and higher valuation. There are no listed companies in India that engage in a similar business.
The company has 13 per cent share of the total retail sales in the premium and luxury segment and 20 per cent of the exclusively luxury segment in the FY20.