Ecos Mobility and Hospitality Limited files RHP; IPO to open on August 28

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Ecos (India) Mobility and Hospitality Limited, a Delhi based chauffeur driven mobility provider, has filed its red herring prospectus with SEBI and is set to announce its IPO price band on August 23. According to the prospectus, the initial public offering will be a complete offer for sale of up to 18,000,000 equity shares with a face value of Rs 2 each.

The company will launch its anchor book for the IPO on Tuesday, August 27, 2024, with the issue opening for public subscription from Wednesday, August 28, 2024, to Friday, August 30, 2024. Equirus Capital Private Limited and IIFL Securities Limited are serving as the book-running lead managers for the issue, while Link Intime has been appointed as the registrar.

From the promoter group, Rajesh Loomba and Aditya Loomba will be offloading up to 9,900,000 and 8,100,000 equity shares, respectively, through this offering.

As stated in the RHP, since this is an offer for sale, the company will not directly receive any proceeds from the offer. All proceeds will be received by the selling shareholders in proportion to the shares sold by each as part of the offer.

The company reported a revenue of Rs 554 crore in FY24, up 31 percent from Rs 422 crore in FY23, according to the filings. Its net profit after tax for FY24 was at Rs 62.531 crore, up 43 percent from Rs 43.591 crore in FY23.

The company is primarily engaged in the business of providing chauffeured car rentals (CCR) and employee transportation services (ETS). As of March 31, 2024, the company has a pan-India presence in 109 cities through its own vehicles and vendors, spread across twenty one states and four union territories in India.

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