Ecos India Mobility & Hospitality mobilises over Rs 180 crore from anchor investors, IPO to open on Aug 28

Ecos India Mobility & Hospitality IPO

Ecos India Mobility & Hospitality, the chauffeur driven car rental service provider, has raised Rs 180.36 crore through its anchor book on August 27. This fund raising, the part of IPO, was a day before the issue opens on August 28.

The New Delhi-based company in its filing to exchanges said it has finalised allocation of 54 lakh equity shares to anchor investors at a price of Rs 334 per equity share.

Its Rs 601-crore initial public offering will open for subscription during August 28-30, with a price band at Rs 318-334 per share. The IPO comprises solely an offer-for-sale (OFS) of 1.8 crore equity shares by the existing shareholders, with no fresh issue component.

Hence, the entire issue proceeds will be received by promoters Rajesh Loomba, and Aditya Loomba. The company will not get any IPO funds.

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Total 14 institutional investors participated in the anchor book including Whiteoak Capital, ICICI Prudential Mutual Fund, Nomura Trust, Aditya Birla Sun Life Trustee and Nippon Life India.

Troo Capital, Acacia Banyan Partners, Invesco India, Motilal Oswal Mutual Fund, Franklin India, Optimix Wholesale Global Emerging Markets Share Trust, Tata Mutual Fund, Bandhan Mutual Fund, and Edelweiss Trusteeship also invested in the company via anchor book.

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"Out of the total allocation of 54 lakh equity shares to anchor investors, 35,13,500 equity shares were allocated to 10 domestic mutual funds which have applied through their 15 schemes," Ecos India Mobility & Hospitality said.

Equirus Capital, and IIFL Securities are the merchant bankers to the issue, while Link Intime India is the registrar to the offer.

Ecos India claimed to be the largest chauffeur driven mobility provider to corporates in India, in terms of revenue and profit for fiscal 2023. It provides chauffeured car rentals (CCR) and employee transportation services (ETS to corporate customers, for more than 25 years.

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With a pan-India presence in 109 cities through own vehicles and vendors, it serviced the CCR and ETS requirements of more than 1,100 organisations in India in FY24. It operates a fleet of more than 12,000 economy to luxury cars, mini vans and luxury coaches. It also provides specialty vehicles such as luggage vans, limousines, vintage cars and vehicles for accessible transportation for people with disabilities.