The price range for the Ecos (India) Mobility and Hospitality IPO (Initial Publlic Offer) has been set at Rs 318–Rs 334 per equity share. The public issue will open for subscription on Wednesday, August 28. August 30 is when the initial public offering will end.
Total size of IPO
A total of 1.8 crore shares, each with a face value of Rs 2, are being offered for sale (OFS) in the first share sale. As a result, selling shareholders will receive the IPO proceeds.
Rajesh and Aditya Loomba will give up up to 99 lakh and 81 lakh equity shares, respectively, under the OFS. One day prior to the IPO, on Tuesday, August 27, anchor investor bidding will begin.
Reserved portion
15 per cent of the issue is designated for non-institutional investors (NIIs), 35 per cent for retail investors, and 50 per cent for qualified institutional buyers, or QIBs.
The issue's registrar is Link Intime, and its book-running lead managers are IIFL Securities Limited and Equirus Capital Private Limited.
Timetable of IPO
Dates of the bidding: August 28–August 30
Finalization of allocations: September 2
Start of the refund: September 3
Transfer of demat: September 3
Listing Date: 4 September
Financials of Ecos (India) Mobility
The operating revenue of Ecos (India) Mobility and Hospitality increased 31 per cent to Rs 554 crore in FY24 from Rs 422 crore in the previous fiscal year. Its net profit increased by 43 per cent year over year to Rs 62.5 crore in the fiscal year 2023–24 from Rs 43.5 crore in the previous fiscal year.
Company profile
The company has been in the business of providing corporate clients, including Fortune 500 companies in India, with chauffeured car rentals and employee transportation services for more than 25 years.
The chauffeured car rental market is classified as B2B2C (business to business to consumer), meaning that corporate firms are the company's customers, and the end user is one of these corporate firms' employees, guests, clients, or visitors.
Ecos Mobility gives its clients the ability to oversee the ground transportation of their employees from their home to their place of business through its employee transportation services segment.
In the fiscal year 2023, the company served over 750 corporate clients throughout all of India.
