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Mumbai: The 472-crore-initial public offering (IPO) of luxury watch retailer Ethos was subscribed 1.04 times on Friday – the last day of bidding. The issue received bids for 41.39 lakh shares against the 39.78 lakh shares on offer, according to stock exchange data.

The issue, which opened for subscription on Wednesday, was offered at a price band of ₹836-878 apiece. Non-institutional investors’ portion was subscribed 1.48 times, while the portio for qualified institutional buyers was subscribed 1.06 times. The retail investor category was undersubscribed at 84%.The IPO consists of a fresh share issue of ₹375 crore and an offer for sale by existing shareholders of up to ₹97 crore.

– Our Bureau

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