Ecos India Mobility and Hospitality’s Initial Public Offering (IPO) saw robust demand, with subscriptions reaching 64.18 times the issue size by the end of the final day on August 30, 2024.
Ecos Mobility IPO Witnesses High Demand
Subscription Overview
The IPO received overwhelming interest from investors, who bid for 80.86 crore equity shares compared to the 1.26 crore shares available for subscription.
Breakdown of Subscriptions
- Qualified Institutional Buyers (QIBs): QIBs led the subscriptions, bidding 136.85 times their allocated portion.
- Non-Institutional Investors (NIIs): NIIs subscribed 71.17 times their reserved portion.
- Retail Investors: The retail segment also showed strong interest, subscribing 19.66 times their allotted shares.
Details of Ecos Mobility IPO
IPO Structure and Fundraising
Ecos Mobility aims to raise Rs 601.2 crore through this public issue, which is entirely an offer-for-sale (OFS) of 1.8 crore shares by the promoters. The price band for the IPO is set between Rs 318 and Rs 334 per share.
Anchor Investor Participation
The anchor book opened on August 27, raising Rs 180.4 crore from 14 anchor investors. Notable participants included:
- Whiteoak Capital
- Acacia Banyan Partners
- Aditya Birla Sun Life Trustee
- Invesco India
- Troo Capital
- Nomura Trust
- ICICI Prudential Mutual Fund
- Franklin India
- Motilal Oswal Mutual Fund
About Ecos India Mobility and Hospitality
Company Background
Established over 25 years ago, Ecos India Mobility and Hospitality is a New Delhi-based provider of chauffeur-driven car rental services and employee transport solutions. The company serves corporate clients, including Fortune 500 companies, across 109 cities in India.
Fleet and Operations
Ecos Mobility operates a diverse fleet of over 12,000 vehicles, ranging from economy cars to luxury coaches, ensuring comprehensive transportation solutions nationwide.
Utilization of Funds
As the IPO is purely an offer-for-sale, all proceeds will be directed to the promoters, Rajesh Loomba and Aditya Loomba, with no funds being allocated to the company.
The strong demand for Ecos Mobility’s IPO, especially from institutional investors, underscores the confidence in the company’s long-standing reputation and extensive service network in India.
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