ECOS (India) IPO: Price Band Set at ₹318-₹334; Key Dates and Details Announced
ECOS (India) Mobility IPO offers shares at ₹318-₹334. Subscription runs from Aug 28-30. Allocation and refunds on Sep 2-3; listing expected on Sep 4.
ECOS (India) Mobility and Hospitality Limited, a Delhi-based chauffeur-driven mobility provider, has submitted its red herring prospectus to SEBI and set its IPO price band between ₹318 and ₹334 per share, with a face value of ₹2.
Subscription Details
The subscription period for the IPO will run from Wednesday, August 28, to Friday, August 30, with anchor investor allocation scheduled for Tuesday, August 27. The floor price is 159 times the face value, while the cap price is 167 times the face value. At the higher end of the price band, the company’s price-to-earnings (P/E) ratio for the financial year ending 2024 is 32.05 times, and at the lower end, it is 30.52 times. This is compared to the industry peers’ average P/E ratio of 22.28 times.
IPO Offer Details
The IPO involves an offer for sale of 1,80,00,000 equity shares. Rajesh Loomba and Aditya Loomba, both part of the promoter group, will sell up to 99,00,000 and 81,00,000 shares, respectively. The company will not receive any funds from this offer as it is purely a sale by existing shareholders. The profits from the sale will go to the selling shareholders in proportion to the shares they sold. The book-running lead managers for the IPO are Equirus Capital Private Limited and IIFL Securities Ltd, and the registrar is Link Intime India Private Ltd.
Share Allocation and Key Dates
For the ECOS (India) Mobility and Hospitality IPO, up to 50% of the shares are reserved for qualified institutional buyers (QIBs), at least 15% for non-institutional investors (NIIs), and at least 35% for retail investors. The share allotment will be finalised on Monday, September 2. Refunds will be processed on Tuesday, September 3, and shares will be credited to investors’ demat accounts the same day. The shares are expected to be listed on the BSE and NSE on Wednesday, September 4.
Financials Highlights
The company’s revenue grew by 31% from ₹422 crore in FY23 to ₹554 crore in FY24. Their net profit for FY24 was ₹62.531 crore, a 43% increase from ₹43.591 crore in FY23.
About ECOS (India) Mobility and Hospitality Limited
For over 25 years, ECOS (India) Mobility and Hospitality has served corporate clients, including Fortune 500 companies in India, by providing chauffeured car rentals (CCR) and employee transportation services (ETS). In Fiscal 2024, they offered these services to 60 BSE 500 firms and 42 Fortune 500 companies in India. In the B2B2C CCR segment, their end users include employees, clients, guests, or visitors of corporate companies. The company’s clients are these corporate companies.
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