ECOS (India) Mobility IPO day 2: Issue booked 3.3 times so far; check price band and other key details

ECOS (India) Mobility and Hospitality Limited IPO garnered strong demand on Wednesday, August 28, the first day of bidding. The mobility service provider's initial public offering was fully subscribed within hours of launch.

NSE data show that the mainboard issue received bids for over 4.22 crore shares against 1.26 crore shares offered for subscription. The issue was subscribed 3.36 times on the first day of bidding.

The non-Institutional Investors (NIIs) led the demand with bids for 1.79 crore shares against 27 lakh shares set aside for the category leading to a subscription of 6.64 times.

Retail investors placed bids for over 2.41 crore shares, compared to the 63 lakh shares reserved for them, and the issue was subscribed 3.84 times in the retail segment.

The Qualified Institutional Buyers (QIBs) placed bids for 1,59,456 shares against the 36 lakh shares reserved for the category. ECO Mobility IPO was booked 4% in the QIBs category.

ECOS (India) Mobility IPO offer size, price band and other details

ECOS (India) Mobility aims to raise ₹601.2 crore via its public issue. The mainboard issue comprises entirely an offer for the sale of 1.8 crore shares. The promoters of the company, Rajesh Loomba and Aditya Loomba, are the selling shareholders in the OFS and will sell up to 99,00,000 shares and up to 81 lakh shares, respectively.

ECOS (India) Mobility IPO price band was fixed at ₹318 to ₹334 per share. Retail investors can place bids for a minimum lot size of 44 shares, aggregating to an investment of ₹14,696.

ECOS (India) Mobility IPO dates

ECOS (India) Mobility IPO subscription will close on August 30. The IPO share allotment status is expected to be finalised on Monday, September 2. Shares will be credited into the Demat accounts of successful bidders on September 3 and refunds will be initiated for unsuccessful bidders the same day.

ECOS (India) Mobility IPO listing date has been tentatively fixed as September 4. Shares of the company will be listed on the NSE and BSE.

ECOS (India) Mobility IPO Registrar

The registrar for the ECOS (India) Mobility IPO is Link Intime India Private Ltd. Equirus Capital Private Limited and IIFL Securities Ltd are the book-running lead managers for the mainboard issue.

ECOS (India) Mobility IPO objective

The company mentioned in its Red Herring Prospectus (RHP) that it will not receive the proceeds from the OFS. The proceeds of the share sale will be received by the selling shareholders, in proportion to the shares sold by them.

About ECOS (India) Mobility Limited

ECOS (India) Mobility & Hospitality Limited IPO was incorporated in February 1996. ECOS (India) Mobility and Hospitality Limited offers chauffeur-driven car rental services in India. The company provides chauffeured car rentals (CCR) and employee transportation services (ETS) under the brand ECO Mobility. The company also offers self-driven cars in Delhi, Gurugram, Mumbai, and Bengaluru.