ECOS Mobility Ends At 32% Premium Over IPO Price

Shares of ECOS (India) Mobility & Hospitality Ltd. ended on the Bombay Stock Exchange on Wednesday at Rs 441.05 apiece, a premium of 32% over its issue price of Rs 334 per share. Even on the National Stock Exchange, the stock closed at a premium of 32%.

On both the stock exchanges, BSE as well as NSE, the scrip debuted at a premium of 17% over the issue price.

The company's Rs 601.2-crore initial public offering was subscribed 64.26 times on its final day, led by institutional investors. The IPO consists of a total offer for sale of 1.8 crore shares and no fresh issue component. At the upper price band, the market cap of ECOS (India) Mobility stands at Rs 2,004 crore, as per NDTV Profit calculations.

The company will not directly receive any proceeds from the offer. All proceeds will be received by the selling shareholders in proportion to the offered shares sold by them.

Ecos Mobility is primarily engaged in the business of providing chauffeured car rentals and employee transportation services. It has been providing these services to corporate customers, including Fortune 500 companies in India, for more than 25 years.

As of March 31, 2024, it had a pan-India presence in 109 cities through its own vehicles and vendors, spread across 21 states and four union territories in India, according to its prospectus.

In fiscal 2024, through its CCR and ETS segments, the company has completed more than 31 lakh trips, averaging more than 8,400 trips in a day. The company operates a fleet of more than 12,000 economy cars, luxury cars, minivans, and luxury coaches.

In fiscal 2024, fiscal 2023 and fiscal 2022, its revenue from operations stood at Rs 554.41 crore, Rs 4,22.68 crore and Rs 1,47.34 crore, respectively. Meanwhile, its profit after tax for the same period was Rs 6.25 crore, Rs 43.59 crore and Rs 9.87 crore, respectively.