ECOS Mobility IPO: The initial public offering (IPO) of driver-driven rental service provider company – Ecos (India) Mobility and Hospitality has closed. This IPO has received 64.18 times subscription on the last day of bidding. According to NSE data, bids were received for 80,86,90,256 shares against the offer of 1,26,00,000 shares in the share sale of Rs 601 crore. The portion reserved for qualified institutional buyers received 136.85 times subscription, the portion reserved for non-institutional investors received 71.17 times subscription. The quota of retail individual investors (RIIs) received 19.66 times subscription.
Ecos (India) Mobility & Hospitality’s IPO was fully subscribed on the first day of bidding on Wednesday. The IPO is entirely based on an offer for sale (OFS) of 1,80,00,000 equity shares.
what is the issue price
The price band of IPO of Echos (India) Mobility is Rs 318-334 per share. The grey market premium is Rs 152. In this regard, the IPO is expected to be listed at Rs 486. This is 45.51% higher than the issue price of the IPO. The company’s shares will be listed on BSE and NSE.
Ecos (India) Mobility has been offering employee transportation services (ETS) and chauffeured car rentals (CCR) to corporate customers, including Fortune 500 companies, in India for over 25 years, according to a Red Herring prospectus. The company also offers self-drive automobiles in Delhi, Gurgaon, Mumbai and Bengaluru. It operates over 12,000 vehicles, including luxury coaches, minivans and economy automobiles.
Who are the customers
Some of the clients include InterGlobe Aviation Limited (IndiGo), HCL Corporation Private Limited, Safeexpress Private Limited, Deloitte Consulting India Private Limited, UrbanClap Technologies Private Limited (Urban Company), IndusInd Bank Limited, Foresight Group Services Limited FZCO, HDFC Life Insurance Company.
How were the financial results
The company’s operating revenue in the financial years 2024, 2023 and 2022 was ₹ 554.41 crore, ₹ 422.68 crore and ₹ 147.34 crore respectively. At the same time, the company’s profit after tax was ₹ 62.53 crore, ₹ 43.59 crore and ₹ 9.87 crore respectively. The promoters of the company are Aditya Lumba, Rajesh Lumba, Nidhi Seth and Aditya Lumba and Rajesh Lumba Family Trust.