Indian luxury and fine watch retailer Ethos Ltd has set a price range of Rs 836-878 per share for its initial public offering (IPO), which will open for subscription on May 18 and open on May 5. It ends on the 20th. The anchor book will open on May 17. The allotment time is May 26, and the listing time is May 30.

The IPO consists of a fresh issue of Rs 3.75 crore and a proposal by shareholders and promoters to sell up to 1.1 million shares. At the high end of the price range, the total issue size is Rs 4.72 crore. Proceeds will be used to pay down debt, working capital needs and open stores.

Founded by KDDL Ltd, Ethos is India’s largest luxury and premium watch retail company, providing customers with a content-driven luxury retail experience through online and brick-and-mortar stores. In addition to a multi-store model with 50 brick-and-mortar retail stores in 17 cities across India, it also offers an omnichannel experience through its website and social media.

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For the 2020-21 fiscal year, the company reported revenue of Rs 386.57 crore, compared to Rs 457.85 crore a year ago. Net profit for the period was Rs 57.85 crore compared to a loss of Rs 13.34 crore in the previous year. Total borrowings stood at Rs 58.45 crore as of September 2021.