Ecos India Mobility and Hospitality IPO opens on August 28: Check price band, key dates and more

Ecos (India) Mobility and Hospitality IPO, which will open for subscription on Wednesday, August 28, has set a price band of ₹318-₹334 per equity share. The initial public offering will conclude on August 30.

The initial share sale is completely an offer for sale (OFS) of 1.8 crore shares with a face value of ₹2 each. Hence, the IPO proceeds will go to selling shareholders.

Under the OFS, Rajesh Loomba and Aditya Loomba will divest up to 99 lakh and 81 lakh equity shares, respectively.

The bidding will open for anchor investors on Tuesday, August 27, a day before the IPO.

The company has reserved 50% of the issue for qualified institutional buyers or QIBs, 35% for retail investors, and 15% for non-institutional investors (NIIs).

IIFL Securities Limited and Equirus Capital Private Limited are the issue's book-running lead managers, while Link Intime is the registrar.

Ecos (India) Mobility and Hospitality IPO: Timeline

• Bidding dates: August 28 to August 30
• Allotment finalisation: September 2
• Refund initiation: September 3
• Demat transfer: September 3
• Listing: September 4

About Ecos (India) Mobility and Hospitality

For over 25 years, the company is into business of providing chauffeured car rentals and employee transportation services to corporate customers, including Fortune 500 companies in India.

The chauffeured car rentals segment is a B2B2C (Business to business to consumer) business, where the company's customers are corporate firms, and the end consumer is an employee, guest, client, or visitor of these corporate firms. Through the employee transportation services segment, Ecos Mobility offers customers the opportunity to manage their employees' home-office-home ground transportation.

The company has a pan-India presence and has served over 750 corporate customers in fiscal 2023.

Ecos (India) Mobility and Hospitality's revenue from operations jumped 31% to ₹554 crore in FY24 compared to ₹422 crore in the previous fiscal. Its net profit stood at ₹62.5 crore in the financial year 2023-24 as against ₹43.5 crore in FY23, reflecting a 43% year-on-year increase.