Ecos (India) Mobility & Hospitality, a chauffeur-driven mobility service provider, on Wednesday, August 28, will begin its initial public offering (IPO).
The subscription window will end on Friday, August 30, after three days. The company is anticipated to make its BSE and NSE debut the following week, following the IPO. The final dates for share allotment and stock listing are still pending.
Ancher investors in IPO
Tuesday, August 27, Ecos announced ahead of the IPO that it had raised Rs 180.36 crore from anchor investors.
A circular posted on the BSE website lists the anchor investors as WhiteOak Capital Mutual Fund (MF), ICICI Prudential MF, Aditya Birla Sun Life MF, Nippon India MF, Troo Capital, Acacia Banyan Partners, Invesco Indio MF, Motilal Oswal MF, Bandhan MF, Edelweiss MF, and Tata MF.
Nomura India, OptiMix Global Emerging Markets Share Trust, and Franklin Templeton India MF were among the other participants in the anchor round.
According to the company, it has allotted 54 lakh shares at a cost of Rs 334 to 19 entities, for a total transaction value of Rs 180.36 crore.
Price band and reserved categories
A shares are priced between Rs 318 and Rs 334 in the IPO. With no fresh issue component, the company's first public offering consists solely of an offer for sale (OFS) by its promoters, Rajesh and Aditya Loomba, for 1.8 crore equity shares valued at Rs 601 crore, at the upper end of the price range.
Retail investors will receive 35 per cent of the issue size, qualified institutional investors will receive half of it, and non-institutional investors will receive the remaining 15 per cent.
Investors may place bids in multiples of 44 equity shares after the minimum of 44 equity shares.
Proceeds from the IPO
The Delhi-based company will not receive any proceeds from the IPO because it is an OFS; instead, the money will go to the promoters who are selling shares.
Company's business model
For over 25 years, the company has been offering corporate clients employee transportation services (ETS) and chauffeured car rentals (CCR). It has over 9,000 vehicles in its fleet, ranging from compact to high-end vehicles.
Additionally, it offers speciality automobiles such as limousines, luggage vans, classic cars, and vehicles that are accessible to those with disabilities.
