August 29, 2024
New Delhi, India
ECOS Mobility IPO
The IPO of ECOS (India) Mobility and Hospitality Ltd launched on August 28, 2024, and will remain open for subscriptions until August 30. With a price band set between ₹318 to ₹334 per share, the IPO has garnered significant interest, trading at a premium of ₹161 in the grey market today, signaling strong demand ahead of its listing.
IPO Details:
- Price Band: The IPO price range is set between ₹318 to ₹334 per equity share with a face value of ₹2.
- Anchor Investors: The company has already secured ₹180.36 crore from anchor investors.
- Lot Size: Interested investors can bid for a minimum of 44 equity shares and in multiples of 44 thereafter.
- Investor Allocation: 50% of the issue size is reserved for qualified institutional investors, 35% for retail investors, and the remaining 15% for non-institutional investors.
Company Overview: For over 25 years, ECOS Mobility has provided employee transportation services (ETS) and chauffeured car rentals (CCR) to corporate clients. Its fleet includes around 9,000 vehicles, ranging from compact cars to high-end models, and specialty vehicles like limousines, baggage vans, and accessible vehicles for those with disabilities.
Financial Performance:
- Revenue: The company’s operating revenue rose to ₹554.41 crore in FY24 from ₹422.68 crore in FY23 and ₹147.34 crore in FY22.
- Profit After Tax: Profit after tax stood at ₹62.53 crore in FY24, up from ₹43.59 crore in FY23 and ₹9.87 crore in FY22.
Market Comparisons: ECOS Mobility’s listed peers include Wise Travel India Ltd and Shree OSFM EMobility Ltd, which have P/E ratios of 20.82 and 23.73, respectively.
Grey Market Premium (GMP) Insights: The current GMP for ECOS Mobility stands at ₹161, suggesting a potential listing price of around ₹495 per share, which is 48% above the upper end of the IPO price band. Market observers note that the GMP has been trending upwards over the past seven sessions, reflecting growing investor confidence and anticipation of a strong listing.
Disclaimer:
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