September 4, 2024
New Delhi, India
IPO Listing
ECOS Mobility & Hospitality Ltd made a notable debut on the stock exchanges today, with shares opening significantly higher than the issue price. The company’s stock listed at ₹390 on the NSE and ₹391.30 on the BSE, reflecting a 16.77% and 17.16% premium, respectively, over the issue price of ₹334 per share.
IPO Performance and Market Expectations:
- NSE Opening Price: ₹390 per share, 16.77% above the issue price.
- BSE Opening Price: ₹391.30 per share, 17.16% above the issue price.
IPO Details:
- IPO Period: Opened on August 28 and closed on August 30, 2024.
- Price Range: ₹318 to ₹334 per equity share, with a face value of ₹2.
- Subscription Status: Subscribed 64.18 times on the final bidding day.
- Qualified Institutional Investors (QIBs): Allocated 50% of the issue size.
- Retail Investors: Allocated 35%.
- Non-Institutional Investors (NIIs): Allocated 15%.
- Anchor Investors: Contributed ₹180.36 crore.
- Minimum Bid: Investors could bid for a minimum of 44 equity shares and in multiples thereafter.
Company Overview:
Established in February 1996, ECOS (India) Mobility & Hospitality Limited is a provider of chauffeur-driven car rental services and employee transportation services (ETS) across India. The company serves a diverse range of corporate clients, including Fortune 500 companies.
- Operations: Presence in 109 cities across 21 states and four union territories, with an extensive vendor network.
- Service Portfolio: Focused on chauffeured car rentals (CCR) and ETS for corporate customers.
IPO Structure:
The public issue was a pure Offer for Sale (OFS) of 18,000,000 equity shares. Key promoters, Rajesh and Aditya Loomba, sold up to 9,900,000 and 8,100,000 equity shares, respectively. The company will not receive any direct proceeds from this sale; all profits will go to the selling shareholders.
Book Running Lead Managers:
- Equirus Capital Private Limited and IIFL Securities Ltd were the book-running lead managers for the ECOS Mobility IPO.
- Registrar: Link Intime India Private Ltd acted as the registrar for the issue.
Disclaimer:
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