Euphoria Soars: Ecos (India) Mobility & Hospitality IPO Closes with Staggering 64x Subscription | Capital Market News

Summary of Ecos (India) Mobility & Hospitality IPO Performance

Ecos (India) Mobility & Hospitality’s Initial Public Offering (IPO) garnered significant attention, receiving 80.96 crore bids for just 1.26 crore shares, resulting in a subscription rate of 64.26 times. The IPO, which was open for bidding from August 28 to August 30, 2024, had a price band set between Rs 318 to Rs 334 per share.

Investor response varied by category: Qualified Institutional Buyers (QIBs) subscribed 136.85 times, Non-Institutional Investors (NIIs) subscribed 71.23 times, and Retail Individual Investors (RIIs) subscribed 19.79 times.

The IPO consisted solely of an Offer for Sale (OFS) of up to 1.80 crore shares by existing shareholders, Rajesh Loomba offering 99 lakh shares and Aditya Loomba offering 81 lakh shares. Post-IPO, the promoter shareholding will decrease from 97.75% to 67.75%. The proceeds from the offering will be distributed among the selling shareholders.

Preceding the IPO, Ecos raised Rs 180.36 crore from 19 anchor investors on August 27, by allotting 54 lakh shares at Rs 334 each.

Ecos (India) Mobility & Hospitality specializes in chauffeured car rentals (CCR) and employee transportation services (ETS), operating a B2C business model directed at corporate clients. The company has a presence in 109 cities across India, with a network spanning 21 states and four Union Territories.

For the fiscal year ending March 31, 2024, Ecos reported a net profit of Rs 62.53 crore and total income of Rs 554.41 crore.

Disclaimer: No Business Standard journalist was involved in the creation of this content.

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