Ecos Mobility IPO Subscribed 64.26 Times On Day Three
The public issue has seen the highest demand from institutional and non-institutional buyers.
Ecos (India) Mobility & Hospitality Ltd.'s initial public offering has been subscribed 64.26 times on its third and final day on Friday. The offer was led by qualified institutional buyers who subscribed 136.85 times. The offer was fully subscribed on the first day on Wednesday.
The company set a price band of Rs 318–334 per share, with a face value of Rs 2 each for the issue. At the upper price band, the market cap of Ecos Mobility stands at Rs 2,004 crore, as per NDTV Profit calculations.
The minimum lot size for retail investors is 44 shares, requiring an investment of at least Rs 14,256.
Issue Details
Issue opens: Aug. 28.
Issue closes: Aug. 30.
Issue price: Rs 318–334 per share.
Total issue size: Rs 601.2 crore.
Offer for sale: 1.8 crore shares.
Bid lot: 44 shares.
Listing: BSE and NSE.
Use Of Proceeds
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.
Business
The company is primarily engaged in 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.
In fiscal 2024, through its CCR and ETS segments, the company 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.
Ecos Mobility IPO: Subscription Status
The IPO has been subscribed 64.26 times as of 7:18 p.m. on Friday.
Institutional buyers: 136.85 times.
Non-institutional investors: 71.23 times.
Retail investors: 19.79 times.
