Ecos (India) Mobility & Hospitality IPO subscribed 3.36 times

The offer received bids for 4.22 crore shares as against 1.26 crore shares on offer.

The initial public offer (IPO) of Ecos (India) Mobility & Hospitality received 4,22,82,284 bids for shares as against 1,26,00,000 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (28 August 2024). The issue was subscribed 3.36 times.

The issue opened for bidding on 28 August 2024 and it will close on 30 August 2024. The price band of the IPO was fixed between Rs 318 to 334 per share. An investor can bid for a minimum of 44 equity shares and in multiples thereof.

 

The IPO comprises only an offer for sale (OFS) of up to 1.80 crore equity shares by the selling shareholders, comprising up to 99 lakh shares by Rajesh Loomba and up to 81 lakh shares by Aditya Loomba.

The post-issue promoter shareholding will reduce to 67.75% from 97.75% pre-IPO.

The proceeds from the offer will be received by the selling shareholders in proportion to the offered shares.

Ahead of the IPO, Ecos (India) Mobility & Hospitality on Tuesday, 27 August 2024, raised Rs 180.36 crore from anchor investors. The board allotted 54 lakh shares at Rs 334 each to 19 anchor investoRs

Ecos (India) Mobility & Hospitality Ecos (India) Mobility & Hospitality (ECOS) provides chauffeured car rentals (CCR) and employee transportation services (ETS).The CCR segment is a B2C business. The customers are companies, and the end consumer is an employee, client, guest or visitor of these corporate companies. Through its ETS segment, ECOS offers customers solutions to manage their employee home-office-home ground transportation.

ECOS has a pan-India presence in 109 cities. Vehicles and vendors are spread across 21 states and four Union Territories in India. Operations in 97 cities are through vendors.

The firm reported a net profit of Rs 62.53 crore and total income of Rs 554.41 crore for the twelve months ended on 31 March 2024.

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