Ecos India Mobility sets IPO price band at Rs 318-334 per share

Ecos India Mobility & Hospitality IPO

Chauffeur-driven mobility provider Ecos (India) Mobility & Hospitality on August 23 said it has fixed a price band of Rs 318-334 per share for its Rs 601 crore initial public offering.

The initial share sale opens for public subscription on August 28 and concludes on August 30 and bidding for anchor investors will open for a day on August 27, the company said in a statement.

The company's maiden public issue is entirely an offer for sale (OFS) of 1.8 crore equity shares worth Rs 601 crore, at the upper end of the price band, by promoters — Rajesh Loomba and Aditya Loomba — with no fresh issue component.

Since it is an OFS, the Delhi-based firm will not receive any proceeds from the IPO and the money will go to promoters selling shares.

Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

Investors can bid for a minimum of 44 equity shares and in multiples of 44 equity shares thereafter.

The company has been providing chauffeured car rentals (CCR) and employee transportation services (ETS) to corporate customers for more than 25 years. It operates a fleet of more than 9,000 vehicles from economy to luxury cars. It also provides speciality vehicles such as luggage vans, limousines, vintage cars and vehicles for accessible transportation for people with disabilities.

The global corporate mobility market (including ETS and CCR) is poised for steady growth at a projected CAGR (compound annual growth rate) of 9.6 percent from 2023 to 2030. Besides, India is set to lead the global corporate mobility market in terms of growth with a projected CAGR of 10.7 per cent from 2023 to 2030, the draft paper cited a F&S Report.

Equirus Capital and IIFL Securities are the book-running lead managers to the issue.