Ecos India Mobility and Hospitality's IPO shares continued to get healthy premium in the grey market despite being a full offer-for-sale issue, following the strong subscription data. It may be backed by the positive market conditions as the benchmark indices traded at record high levels.
According to the market observers, the IPO shares were available at around 40-45 percent premium in the grey market, an unofficial market wherein IPO shares can be bought and sold before the listing.
The Rs 601-crore initial public offering clocked 64.18 times subscription during August 28-30, with investors bidding 80.86 crore equity shares against the offer size of 1.26 crore shares. Qualified institutional buyers bid 136.85 times their allocated quota, followed by non-institutional investors, who picked 71.17 times the portion set aside for them. Retail investors also showed good interest in the issue, bidding 19.66 times their reserved portion.
Since it was entirely an offer-for-sale issue by the Loomba family, the company will not receive any IPO funds. The price band for the offer was Rs 318-334 per share.
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The chauffeur driven car rental service provider will finalise the basis of allotment of IPO shares by September 2. Investors who participated in the public issue, can check their share allotment either on the BSE, NSE or IPO registrar's portal. The brokers also inform investors about the allotment through messages.
On the BSE website,
1) Select issue type 'Equity' and issue name 'ECOS INDIA MOBILITY AND HOSPITALITY LIMITED'
2) Enter either 'Application number' or 'PAN number'
3) Check box (I am not a robot) and click on 'Search' button
On the NSE website,
1) After login, the PAN number already appears
2) Enter symbol 'ECOSMOBLTY' and application number
3) Click on 'Get Data"
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On the IPO registrar's portal,
1) Select Company in the dropdown 'Ecos India Mobility and Hospitality Limited - IPO'
2) Select and accordingly enter 'PAN number', or 'Application Number', or 'DP/Client ID', or 'Account No/IFSC'
3) Click on 'Submit' button
Ecos Mobility IPO shares will be credited to the demat accounts of successful investors by September 3, while investors can start trading in Ecos Mobility shares effective September 4.
With a fleet of more than 12,000 economy to luxury cars, mini vans and luxury coaches, Ecos provides chauffeured car rentals (CCR) and employee transportation services (ETS) to corporate customers for more than 25 years. With a pan-India presence, it operates in 109 cities through own vehicles and vendors.
Its financial performance was a bit mixed. Profit in the fiscal 2024 grew by 43.4 percent to Rs 62.5 crore with 31.2 percent growth in revenue at Rs 554.4 crore compared to previous year. The profit was partly backed by higher other income.
EBITDA (earnings before interest, tax, depreciation and amortisation) increased by 29.02 percent to Rs 90 crore during the same period, but the margin dropped 30 bps to 16.2 percent with increase in cost of service.
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