ECOS Mobility IPO Allotment Announced Today

The allotment status for the ECOS Mobility IPO is set to be announced today, September 2, 2024. The initial public offering (IPO), which concluded its subscription period on August 30, 2024, has drawn significant investor interest, resulting in an oversubscription of 64.26 times.

The IPO was priced in the range of Rs 318 to Rs 334 per share, with a minimum lot size of 44 shares. The highest demand originated from Qualified Institutional Buyers (QIBs), who subscribed 136.85 times, while Non-Institutional Investors (NIIs) subscribed at 64.37 times. Retail investors also exhibited strong participation, with a subscription rate of 19.79 times.

The public issue, amounting to Rs 601.20 crore, is entirely an offer for sale and has garnered positive reviews from multiple brokerage firms, including Geojit, Swastika Investment, and Anand Rathi Research.

Investors can check their allotment status on the BSE, NSE, or via Link Intime India, the IPO’s registrar. Direct links are provided for convenience, enabling seamless access to allotment details.

In the grey market, shares of ECOS Mobility are currently trading at a premium of around Rs 160, reflecting an increase of 48 percent above the upper limit of the IPO price band. A strong grey market premium often indicates robust demand and favorable investor sentiment ahead of the stock’s official listing.

The debut of ECOS Mobility shares is anticipated on the BSE and NSE on September 4, 2024. Based on the current grey market conditions, the shares are expected to list around Rs 494, suggesting a potential gain of approximately 48 percent for investors.

ECOS (India) Mobility & Hospitality offers diverse services, including chauffeured car rentals and employee transportation solutions. The chauffeured car rental segment primarily services corporate clients, while the employee transportation segment focuses on managing daily commutes for businesses.