Ethos closes 8.6% below IPO on listing day

Luxury and premium watch retail company Ethos made a weak debut on the bourses on Monday, ending at ₹802.60, which is 8.6% below its IPO price of ₹878.

The stock opened at ₹830 on the BSE, a 5.5% discount to its IPO price. On the NSE, the stock listed at ₹825, down 6% from its IPO price.

Ethos raised ₹472.29 crore from its initial public offering that was open for subscription between May 18 and May 20. The IPO was priced in the ₹836-878 band.

The issue was overall subscribed 1.04 times, with the qualified institutional buyers’ segment getting subscribed 1.1 times while the high net worth individuals and retail portion got subscribed 1.5 times and 0.84 times, respectively.

Brokerages had mixed views.

had assigned an avoid rating on the IPO.

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