ECOS (INDIA) MOBILITY & HOSPITALITY IPO ENDS WITH 64X SUBSCRIPTION

Published on Aug 31, 2024 13:52

The initial public offer (IPO) of Ecos (India) Mobility & Hospitality received 80,96,84,392 bids for shares as against 1,26,00,000 shares on offer. The issue was subscribed 64.26 times.

The Qualified Institutional Buyers (QIBs) category was subscribed 136.85 times. The Non Institutional Investors (NIIs) category was subscribed 71.23 times. The Retail Individual Investors (RIIs) category was subscribed 19.79 times.

The issue opened for bidding on 28 August 2024 and it closed on 30 August 2024. The price band of the IPO was fixed between Rs 318 to 334 per share.

The IPO comprised 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.