InvestorQ : How was the listing of the Ethos IPO on the bourses on Monday 30th May?
Priyanka N made post

How was the listing of the Ethos IPO on the bourses on Monday 30th May?

Neelam Naik answered.
2 months ago

On Monday, 30th May, the IPO of Ethos Ltd listed on the NSE and the BSE. Here is a quick take on the listing performance. First a quick look at what Ethos does. It is a high end watch retailing company that sells international brands like Rado, Tissot, Longines, Omega, Balmain and Baume & Mercier. However, it does look like the premium products have not translated into premium valuations for the company.

It may be recollected that Ethos IPO was subscribed about 1.04 times with the retail portion actually getting undersubscribed on the quota. Surprisingly, the price discovery happened at the upper end of the band at Rs878. On 30th May, Ethos listed on NSE at a discounted price of Rs825. The sentiments were tepid through the day. It scaled a high of Rs839.95 during the day and a low of Rs773 but closed the day 9% below the IPO price at Rs801.40.

Let us also look at the volumes in the market for the stock. The stock traded about 26.38 lakh shares on the NSE on Monday and the total value traded was around Rs212 crore. On the NSE and the BSE, the stock of Ethos Ltd closed below the IPO price as well as the initial listing price. At the close of 30th May, Ethos had a market cap of Rs1,874 crore. In effect it is a micro-cap stock in the Indian market.