- Price band fixed at ₹318 to ₹334 per equity share of face value of ₹ 2 each
- Bid offer will close on Friday, August 30, 2024
- The anchor investor bidding date shall be Tuesday, August 27, 2024
- Bids can be made for a minimum of 44 Equity Shares and in multiples of 44 equity shares thereafter
NE BUSINESS BUREAU
AHMEDABAD, AUGUST 26
ECOS (India) Mobility & Hospitality Limited on Saturday announced it shall open Bid/Offer in relation to its initial public offering of Equity Shares on Wednesday, August 28, 2024.
The total offer size of Equity Shares (face value ₹ 2 each) comprises of Offer for Sale of up to 18,000,000 Equity Shares.
The Anchor Investor Bidding date shall be on Tuesday, August 27, 2024 and the Bid Offer will be closed on Friday, August 30, 2024.
The Price band of the offer is fixed at ₹318 to ₹334 per Equity Share.
Bids can be made for a minimum of 44 Equity Shares and in multiples of 44 Equity Shares thereafter.
The IPO of ECO Mobility is entirely an offer-for-sale (OFS) of up to 1.80 crore equity shares by its promoters Rajesh Loomba and Aditya Loomba amounting to ₹601.20 crore. The company will not receive any proceeds from the issue and will go to selling shareholders of the company.
ECOS (India) Mobility & Hospitality is a chauffeur driven car rental service provider in India. Incorporated in February 1996, its primary business is to provide chauffeured car rentals and employee transportation services. The company has been offering these services to corporate clients, including Fortune 500 companies in India.
ECO Mobility had a presence throughout India, including GIFT City in Gandhinagar, operating in 109 cities using its own vehicles and vendors by the end of FY24. Its presence is spread across 21 states and four union territories. In Fiscal 2024, it served over 1,100 organizations in India. The company offers self-driven cars in Delhi, Gurugram, Mumbai, and Bengaluru.
The company has a fleet of over 12,000 cars, including economy, luxury, and mini vans, as well as specialty vehicles such as luggage vans, limousines, vintage cars, and accessible transportation for people with disabilities. In Fiscal 2024, ECO Mobility completed over 3,100,000 trips, averaging more than 8,400 trips per day.
50 per cent for the offer has been reserved for qualified institutional bidders (QIBs), while non-institutional investors will get 15 per cent of the primary offering by ECO Mobility. Retail investors will have 35 per cent of the net offer allocated for them.
In FY24, the company’s revenue from operations rose 31% year-on-year (YoY) to ₹554 crore, while profit after tax (PAT) increased 43% to ₹62.5 crore in the same period.
Shares of the company shall be listed on both BSE and NSE.
Equirus Capital Private Limited and IIFL Securities Limited are the Book Running Lead Managers to the offer. Link Intime is the registrar for the issue.
