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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment or prepayment of borrowings
A portion of the fresh issue proceeds is earmarked to repay or prepay outstanding borrowings of the company.
Funding working capital requirements
Proceeds are allocated to meet the company's ongoing working capital needs.
New store establishment and renovation of existing stores
Funds are earmarked for opening new stores and renovating the company's existing store network.
General corporate purposes
The balance of the fresh issue proceeds is set aside for general corporate purposes.
No lots distribution added yet.
(₹ in Crore)
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Ethos Limited is India's largest luxury and premium watch retailer, operating an omnichannel model that combines physical stores with an online and social-media presence. The company distributes around 50 global watch brands, including Omega, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Bvlgari, H. Moser and Cie, Rado, Longines, Baume and Mercier, Oris, Corum, Carl F. Bucherer, Tissot, Raymond Weil, Louis Moinet and Balmain, and holds an estimated 20 percent share of India's luxury watch retail segment and around 13 percent of the premium and luxury watch retail segment combined. The company runs roughly 50 physical stores across 17 Indian cities in a multi-store format, stocking a wide assortment of premium and luxury watch models sourced through long-standing relationships with international watch brands and groups. It is promoted by Yashovardhan Saboo together with group entities KDDL Limited and Mahen Distribution Limited. Ethos has built its position over several years through deep brand relationships and an experienced management team, though its revenue and profitability have historically shown some year-to-year variability typical of a discretionary luxury retail business.
The company placed shares with anchor investors ahead of the offer, with participation including ICICI Prudential Flexi Cap Fund and Jupiter India Fund among others, for a combined anchor allocation of approximately Rs 141.68 crore.
Source: RHP • Analysis provided for informational purposes
Last Updated: 19 July 2026, 6:26 PM
Long-standing brand relationships
The company has built strong, long-term relationships with multiple luxury watch brands and groups over the years.
Largest luxury watch portfolio in India
Its brand portfolio, spanning names such as Omega, IWC Schaffhausen, Jaeger-LeCoultre and Panerai, is the largest of its kind in the Indian market.
Experienced management team
A management team with a proven track record has guided the company's growth in a specialized retail category.
Leading market position
The company holds an estimated 20 percent share of India's luxury watch retail segment and around 13 percent of the combined premium and luxury watch retail segment.
Omnichannel store network
About 50 physical stores across 17 cities are complemented by online and social media channels, giving customers a multi-format shopping experience.
Pandemic-related disruption
A resurgence of COVID-19-related restrictions could adversely affect store operations and sales.
Supplier concentration
A large share of inventory is sourced from a small number of suppliers, so changes in supply terms could hurt the business.
Dependence on third-party brand reputation
The company's performance is closely tied to the continued success and reputation of the watch brands it retails.
Ethos Limited
Company contact details are not available.
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Geographic concentration
Store sales are concentrated in top-tier Indian cities, limiting geographic diversification.
Ongoing legal proceedings
The company and its promoters are party to certain pending legal proceedings.