ECOS (India) Mobility & Hospitality makes positive debut with 17% premium over IPO price

Ecos Mobility has been offering chauffeured car rentals and employee transport solutions to corporate clients, including Fortune 500 companies, in India for over 25 years.

Shares of ECOS (India) Mobility & Hospitality were off to a decent start on its stock market debut on September 4 after listing at Rs 391, commanding a premium of 17 percent over the issue price of Rs 334 per share.

The listing gains, however, missed grey market estimates where shares were trading at a premium of about 37 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.

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The New Delhi-based provider of chauffeur-driven car rental services’ offer subscriptions reached 64.18 times the issue size. Investors bid for 80.86 crore equity shares against the 1.26 crore shares on offer.

Qualified institutional buyers led the charge, subscribing 136.85 times their allocated portion, followed by non-institutional investors, who took up 71.17 times their reserved shares. The demand from retail investors also surged, picking up almost 19.66 times their allotted portion.

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The anchor book, which opened on August 27, attracted strong interest from institutional investors, raising Rs 180.4 crore from 14 anchor investors. Key participants included Whiteoak Capital, Acacia Banyan Partners, Aditya Birla Sun Life Trustee, Invesco India, Troo Capital, Nomura Trust, ICICI Prudential Mutual Fund, Franklin India, and Motilal Oswal Mutual Fund.

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The company has been offering chauffeured car rentals and employee transport solutions to corporate clients, including Fortune 500 companies, in India for over 25 years. With a fleet of over 12,000 vehicles—from economy cars to luxury coaches—it operates across 109 cities nationwide.

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