Ecos Mobility IPO Sees High Demand on Second Day

The IPO of Ecos (India) Mobility & Hospitality saw a high subscription rate on its second day, garnering 9.55 times more bids than available shares. The company raised Rs 180.36 crore from anchor investors. This IPO is an Offer For Sale, with proceeds going to the promoters.

The initial public offer of chauffeur-driven mobility provider Ecos (India) Mobility & Hospitality received 9.55 times subscription on the second day of bidding on Thursday.

The Rs 601 crore initial share sale received bids for 12,03,58,964 shares against 1,26,00,000 shares on offer, as per NSE data.

The portion for non-institutional investors garnered 23.47 times subscription while the quota for Retail Individual Investors (RIIs) got subscribed 8.99 times. The category for Qualified Institutional Buyers (QIBs) received 10 per cent subscription.

The Initial Public Offer (IPO) of Ecos (India) Mobility & Hospitality got fully subscribed on the first day of bidding on Wednesday.

The initial share sale is entirely an Offer For Sale (OFS) of up to 1,80,00,000 equity shares.

The IPO has a price range of Rs 318-334 a share.

Ecos (India) Mobility & Hospitality Ltd on Tuesday said it has raised Rs 180.36 crore from anchor investors.

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

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 like luggage vans, limousines, vintage cars and vehicles for accessible transportation for people with disabilities.

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

The company's shares will be listed on BSE and NSE.

(With inputs from agencies.)