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ECOS Mobility IPO Launched with Strong Market Anticipation

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Ecos Mobility Ipo

The initial public offering (IPO) of ECOS (India) Mobility & Hospitality, which provides chauffeur-driven car rental services, officially opened for public subscription today. The unlisted shares of ECOS Mobility are currently trading at a substantial grey market premium (GMP) of Rs 194, reflecting a 58 percent increase above the upper end of the IPO price set at Rs 334.

The ECOS Mobility IPO consists entirely of an offer for sale of 18,000,000 shares, with a face value of Rs 2. The shares are available at a price band of Rs 318-334 each, requiring investors to bid for a minimum of 44 shares, resulting in a minimum investment of Rs 14,696 for retail investors.

The registrar for the ECOS Mobility IPO is Link Intime India Private, while Equirus Capital and IIFL Securities serve as the book-running lead managers. Notably, the company will not directly receive any proceeds from this public issue, as all proceeds will go to the selling shareholders.

This three-day subscription period for the ECOS Mobility IPO concludes on Friday, August 30, 2024. After the subscription window closes, the allotment of shares is expected to occur on Monday, September 2, 2024, with shares credited to demat accounts on Tuesday, September 3, 2024, followed by their BSE and NSE debut on September 4, 2024.

<pSeveral brokerages have provided their recommendations for this IPO. Geojit has assigned a ‘Subscribe’ rating, highlighting the company’s significant fleet size, client retention ratio of 90 percent, and strong financial profile. Anand Rathi Research has also expressed bullish sentiments, endorsing the subscribe recommendation based on the company’s niche in chauffeur-driven services for corporate customers.

Swastika Investmart recommends investors subscribe for potential listing gains, remarking on the high P/E ratio alongside mixed financial results. The company’s operational revenue has seen significant growth over the past three fiscal years, from ₹147.34 crore in Fiscal 2022 to ₹554.41 crore in Fiscal 2024.

ECOS (India) Mobility & Hospitality, established in 1996, has been offering employee transportation and chauffeur services to corporate clients, including major Fortune 500 companies in India. With a fleet exceeding 12,000 vehicles, the company caters to various sectors, including healthcare, e-commerce, and IT.

Rachel Adams

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