ECOS India Mobility IPO To Open On Aug. 28

ECOS (India) Mobility & Hospitality Ltd.'s initial public offering will open for subscription on Aug. 28 and will close on Aug. 30, showed the red herring prospectus for the offer. The company had filed a draft red herring prospectus with the Securities and Exchange Board of India in March 2024.

The proposed public offering consists entirely an offer for sale of 1.8 crore shares at a face value for the issue is Rs 2 per share. The IPO price band is yet to be announced.

Allotment for the IPO is expected to be finalised on Sept. 2. Shares of the company will list on BSE and NSE, with tentative listing date fixed on Sept. 4.

Promoters Rajesh Loomba and Aditya Loomba will be offloading their shares in the maiden share sale. Since the entire IPO is an OFS, net proceeds from the issue will go to the two selling promoters.

Equirus Capital Pvt., and IIFL Securities Ltd. are the lead book running managers, while Link Intime India Pvt. is the registrar for the issue.

ECOS (India) Mobility & Hospitality is a chauffeur driven car rental service provider in India. The company's primary business is to provide chauffeured car rentals and employee transportation services. The company has been offering these services to corporate customers, including Fortune 500 companies in India, for more than 25 years.

As of March 31, 2024, the company had presence throughout India, operating in 109 cities, using its own vehicles and vendors. It was spread across 21 states and four union territories, showcasing its extensive reach and penetration into diverse regions across the country. The company offers self-driven cars in Delhi, Gurugram, Mumbai, and Bengaluru.

In fiscal 2024, ECOS (India) Mobility had served the CCR and ETS requirements of over 1,100 organisations in India.

The company provides services to customers operating in a range of industries including InterGlobe Aviation Ltd., HCL Corp., Deloitte Consulting India Pvt. and Thomas Cook India, among others.

They company saw its profit after tax rise 43.4% on annual basis to Rs 62.53 crore in the financial year ended March 31, 2024. Its revenue was up 31.2% to Rs 554 crore in March 31, 2024.

The company's listed peers include Wise Travel India Ltd. and Shree OSFM EMobility Ltd.