Ecos India Mobility IPO opens today; check issue size, price band & other details

The initial public offering (IPO) of Ecos (India) Mobility & Hospitality, a chauffeur-driven mobility service provider, will be launched on Wednesday, August 28.

The three-day window of subscription will close on Friday, August 30. Following the IPO, the company is expected to debut on the BSE and NSE next week. The dates of share allotment and listing on the bourses are yet to be finalised.

Ahead of the IPO, Ecos on Tuesday, August 27, said it raised ₹180.36 crore from anchor investors. WhiteOak Capital Mutual Fund (MF), ICICI Prudential MF, Aditya Birla Sun Life MF, Nippon India MF, Troo Capital, Acacia Banyan Partners, Invesco Indio MF, Motilal Oswal MF, Bandhan MF, Edelweiss MF, and Tata MF were the anchor investors, according to a circular uploaded on the BSE website.

Franklin Templeton India MF, OptiMix Global Emerging Markets Share Trust and Nomura India also participated in the anchor round.

The company has allocated 54 lakh shares to 19 entities at ₹334 apiece, aggregating the transaction size to ₹180.36 crore, it showed.

IPO size and price band

The price band for the IPO has been set at ₹318-334 a share. The company's maiden public issue is entirely an offer for sale (OFS) of 1.8 crore equity shares worth ₹601 crore, at the upper end of the price band, by promoters -- Rajesh Loomba and Aditya Loomba -- with no fresh issue component.

Since it is an OFS, the Delhi-based firm will not receive any proceeds from the IPO and the money will go to promoters selling shares.

Half of the issue size has been reserved for qualified institutional investors, 35% for retail investors and the remaining 15 per cent for non-institutional investors.

Investors can bid for a minimum of 44 equity shares and in multiples of 44 equity shares thereafter.

The company has been providing chauffeured car rentals (CCR) and employee transportation services (ETS) to corporate customers for more than 25 years. It operates a fleet of more than 9,000 vehicles from economy to luxury cars. It also provides speciality vehicles like luggage vans, limousines, vintage cars and vehicles for accessible transportation for people with disabilities.

The global corporate mobility market (including ETS and CCR) is poised for steady growth at a projected CAGR (compound annual growth rate) of 9.6% from 2023 to 2030.

Besides, India is set to lead the global corporate mobility market in terms of growth with a projected CAGR of 10.7 per cent from 2023 to 2030, the draft paper cited a F&S Report.

Equirus Capital and IIFL Securities are the book-running lead managers to the issue.