Shares of luxury and premium watch retail player Ethos Ltd on Monday listed with a discount and settled nearly 9 per cent lower against the issue price of Rs 878.
The stock made its debut at Rs 830, registering a decline of 5.46 percent from the issue price on the BSE. During the day, it tumbled 11.84 percent to Rs 774. It settled at Rs 802.60, a fall of 8.58 percent.
At the NSE, the stock listed at Rs 825, lower by 6 percent. It settled at Rs 801.40, lower by 8.72 percent.
The company's market valuation remained at Rs 1,874.01 crore on the BSE.
The initial public offer of Ethos was fully subscribed by 1.04 times on the last day of subscription on May 20.
The Initial Public Offering (IPO) had a fresh issue of equity shares aggregating to Rs 375 crore and an offer-for-sale of up to 11,08,037 equity shares.
Price range for the Rs 472.3-crore offer was at Rs 836-878 per share.
Proceeds from the fresh issuance will be utilised for repayment of debt, funding working capital requirements, opening new stores and general corporate purposes.
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.
(With PTI inputs)