Ethos IPO: Sunil Singhania, D-Street’s other big shots choose IPO-bound partnership

New Delhi: Marquee investors, including Mukul Mahabir Agarwal, Hiren Bed and Sunil Singhania, have partnered with IPO-Bound Ethos, the country’s premium watch retailer.

Mukul Mahabir Agarwal has increased its stake in the retailer through a rights issue and bought 23,145 equity shares at Rs 550 each. He raised his stake to 9,24,121 equity shares, or 4.84 percent, showing the company’s RHP filing on May 6, up from 9,00,976 equity shares previously. Its share price in the top range company of the price band is Rs 81.13 crore.

Hiren Veda-promoted Alchemy Capital also added another 12,500 equity shares through a rights issue to raise the company’s 5,12,500 equity shares or 2.69 percent. The share price is around Rs 45 crore.



Rakesh Jhunjhunwala is also one of the co-founders of Alchemy Capital. The Big Bull on Dalal Street already has a significant stake in Consumer Sustainable Major.

Another celebrity investor, Sunil Singhania, came through his Abacus Growth Fund II, a SEBI registered alternative investment fund as a pre-IPO investor.

The fund bought 3,02,663 equity shares of the company at Rs 826 per share, holding 1.59 per cent stake in the company as of RHP filing date. His investment in the company is worth Rs 24.99 crore.

Ethos’ initial public offering (IPO) will be open for subscription between May 18-20. The company will sell its shares for Rs 836-878 crore to raise Rs 472.29 crore through the initial route.

The IPO includes a new issue of equity shares worth Rs 375 crore and an offer to sell up to 1,108,037 equity shares (OFS).

Commenting on the IPO, Vijay Singania, Chairman, Tradesmart, said that it followed a low list of Ethos IPO

This is a positive sign for the primary market.

“Regardless of market performance, it’s nice to see IPOs queuing up and subscribing in a market that has seen unprecedented sales by FIIs,” he added.

Chandigarh-based Ethos is India’s largest luxury and premium watch retailer, accounting for 13 per cent of total retail sales in the premium and luxury categories and 20 per cent in the luxury market in FY20.

The company, which operates through the Omnichannel model, has a portfolio of over 50 premium brand watches, including 50 physical retail stores in 17 cities across India.

(Disclaimer: Complete information is taken from RHP filed by the company. Economic Times does not approve IPO)

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