ECOS Mobility IPO day 2: NIIs subscription surges; Check latest GMP & more

Public issue has received the highest bids from Non-Institutional Investors (NIIs) at 11.74 times, followed by Retail Investors at 5.85 times, and Qualified Institutional Buyers (QIBs) at 0.05 times

ECOS Mobility IPO Subscription Status: The initial public offering (IPO) of ECOS (India) Mobility & Hospitality, a chauffeur-driven car rental service provider, continues to receive strong demand from investors on the second day of subscription. ECOS Mobility IPO, which opened for public subscription on Wednesday, was fully subscribed on the first day of bidding and ended the day with 3.36 times subscription.

ECOS Mobility IPO, which is entirely an Offer For Sale (OFS) of up to 18,000,000 equity shares of a face value of Rs 2 apiece, has so far received the highest bids from non-institutional investors (NIIs) at 11.74 times, followed by Retail Individual Investors (RIIs) at 5.85 times, and Qualified Institutional Buyers (QIBs) at 0.05 times as of 11:30 AM on August 29, 2024.

 

The three-day subscription window to bid for the ECOS Mobility IPO, which is available at a price band of Rs 318-334 with a lot size of 44 shares, closes tomorrow, August 30, 2024.

ECOS Mobility IPO grey market premium (GMP) 

Adding to the buzz, the unlisted shares of ECOS Mobility continue to command a strong grey market premium on the second day of subscription, reflecting positive demand among investors. ECOS Mobility shares were quoted trading at a premium of around Rs 160, or 48 per cent above the upper end of the issue price, on Wednesday.

Should you Subscribe to the ECOS Mobility IPO? 

Several brokerages, including Geojit, Swastika Investment, and Anand Rathi Research, have shared their outlook on the public issue for investors. Here’s what they recommend for the ECOS Mobility IPO: READ MORE

ECOS Mobility IPO allotment, listing date 

The allotment of ECOS Mobility shares is likely to take place on Monday, September 2, 2024, followed by the crediting of shares to demat accounts on Tuesday, September 3, 2024. ECOS Mobility shares are slated to list on the BSE and NSE on Wednesday, September 4, 2024, marking its debut on the stock exchanges.

Link Intime India is the registrar for the ECOS Mobility IPO. Equirus Capital and IIFL Securities are the book-running lead managers for the offer.

About ECOS (India) Mobility & Hospitality

ECOS Mobility has been providing chauffeured car rentals (CCR) and employee transportation services (ETS) to corporate customers for more than 25 years. It operates a fleet of more than 9,000 vehicles, ranging from economy to luxury cars. The company also provides specialty vehicles like luggage vans, limousines, vintage cars, and vehicles for accessible transportation for people with disabilities.