ECOS Mobility Sets IPO Price Band At Rs 318-334 Apiece
On the upper end of this price range, the public issue will raise Rs 601.2 crore.
ECOS (India) Mobility & Hospitality Ltd. has set a price band of Rs 318–334 per share for its initial public offering, according to a company statement on Friday. On the upper end of this range, the public issue will raise Rs 601.2 crore.
The offer will open for subscription on Aug. 28 and close on Aug. 30. Bidders can place bids for a minimum of 44 shares and in multiples thereafter.
The peer group price-to-earnings ratio stands at 22.28 times, as per the price band advertisement. At the price cap for the IPO, ECOS Mobility's P/E ratio is as high as 32.05 times of the peer group average, and at the floor price, it is 30.52 times.
The company's listed peers include Wise Travel India Ltd. and Shree OSFM EMobility Ltd.
The IPO consists entirely of an offer for sale of 1.8 crore shares, where promoters Rajesh Loomba and Aditya Loomba will offload 99 lakh shares and 81 lakh shares, respectively.
Allotment for the IPO is expected to be finalised on Sept. 2. Shares of the company will list on BSE and NSE, with a tentative listing date fixed for Sept. 4.
ECOS (India) Mobility & Hospitality is a chauffeur-driven car rental service provider for corporate clients that has been active for the past 25 years. The company counts Fortune 500 companies among its clients., including InterGlobe Aviation Ltd., HCL Corp., Deloitte Consulting India Pvt. and Thomas Cook (India) Ltd.
The company offers self-driven cars in Delhi, Gurugram, Mumbai, and Bengaluru.
As of March 31, 2024, the company had operations in 109 Indian cities across 21 states and four union territories, using its own vehicles and vendors.
In the fiscal ended March 2024, the company saw its net profit rise 43.4% on annual basis to Rs 62.53 crore, against a 31.2% rise in revenue to Rs 554 crore.
