Ecos India Mobility & Hospitality Sets IPO Price Band at INR 318-334

Chauffeur-driven mobility provider Ecos (India) Mobility & Hospitality Ltd has fixed a price band of INR 318-334 per share for its INR 601 crore initial public offering. The IPO opens on August 28, concludes on August 30, and comprises only an offer for sale by promoters Rajesh and Aditya Loomba.

Chauffeur-driven mobility provider Ecos (India) Mobility & Hospitality Ltd has announced a price band of INR 318-334 per share for its upcoming INR 601 crore initial public offering (IPO).

According to the company's statement, the IPO is scheduled to open for public subscription on August 28 and will conclude on August 30, with bidding for anchor investors slated for August 27.

The IPO, an offer for sale (OFS) by promoters Rajesh Loomba and Aditya Loomba involving 1.8 crore equity shares worth INR 601 crore at the top price band, has no fresh issue component. The Delhi-based company will not receive any proceeds from the IPO, as the funds will go to the promoters selling shares.

Half of the issue size is reserved for qualified institutional buyers, 35 percent for retail investors, and the remaining 15 percent for non-institutional investors. Investors can bid for a minimum of 44 equity shares and multiples of 44 shares thereafter.

Operating for over 25 years, Ecos India Mobility & Hospitality offers chauffeured car rentals and employee transportation services, boasting a fleet of more than 9,000 vehicles ranging from economy to luxury cars, and specialty vehicles. The global corporate mobility market is projected to grow at a CAGR of 9.6% from 2023 to 2030, with India leading growth at a 10.7% CAGR.

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