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Ecos (India) Mobility & Hospitality Ltd.'s initial public offering entered its second day on Thursday after it was fully subscribed at 3.36 times on its first day of bidding. The company plans to raise Rs 601.2 crore. The IPO consists of an offer for sale of 1.8 crore shares and no fresh issue.
The company has set a price band of Rs 318–334 per share, with a face value of Rs 2 each for the issue, which closes on Friday. At the upper price band, the market cap of Ecos 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.
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Issue Details
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Issue opens: Aug. 28.
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Issue closes: Aug. 30.
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Issue price: Rs 318–334 per share.
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Total issue size: Rs 601.2 crore.
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Offer for sale: 1.8 crore shares.
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Bid lot: 44 shares.
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Listing: BSE and NSE.
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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 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.
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.
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Ecos Mobility IPO: Subscription Status
The IPO has been subscribed 9.56 times as of 5:30 p.m. on Thursday.
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Institutional buyers: 0.10 times or 10%.
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Non-institutional investors: 23.47 times.
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Retail investors: 8.99 times.
Watch The IPO Adda Here
Premier Energies IPO Subscribed Over 74.38 Times On Final Day. Read more on IPOs by NDTV Profit.