Ecos India Mobility and Hospitality's initial public offering (IPO) continued to attract robust demand heading to the final stages of the last day on August 30. Stock exchange data showed that subscriptions reached 64.18 times the issue size. Investors bid for 80.86 crore equity shares against the 1.26 crore shares on offer.
The New Delhi-based provider of chauffeur-driven car rental services aims to raise Rs 601.2 crore through the public issue, which consists entirely of an offer-for-sale of 1.8 crore shares by the promoters. The price range for the IPO is set between Rs 318 and Rs 334 per share.
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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, saw strong participation from institutional investors, raising Rs 180.4 crore from 14 anchor investors. 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.
Since the issue is purely an offer-for-sale, all net proceeds will go to the promoters, Rajesh Loomba and Aditya Loomba, with the company receiving no funds from the IPO.
Ecos India Mobility and Hospitality has been providing chauffeured car rentals and employee transport solutions to corporate clients, including Fortune 500 companies in India, for over 25 years. It operates nationwide across 109 cities through its fleet of over 12,000 vehicles, ranging from economy cars to luxury coaches.
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