ECOS (India) Closes at 32% Premium on Listing Day

4 Sep 2024 , 05:01 PM

Shares of ECOS (India) Mobility & Hospitality were off to a good start on their stock market debut on September 4, closing at Rs 443.15, fetching a 32% premium over the issue price of Rs 334.

The New Delhi-based chauffeur-driven automobile rental service provider’s offer memberships exceeded 64.18 times the issue size. Investors bid for 80.86 crore equity shares, compared to 1.26 crore on offer.

Qualified institutional purchasers led the way, subscribing 136.85 times their allotted amount, followed by non-institutional investors, who purchased 71.17 times their reserved shares. Retail investors’ demand also increased, accounting for about 19.66 times their permitted stake.

The anchor book, which debuted on August 27, drew significant interest from institutional investors, generating Rs 180.4 crore from 14 anchor investors. Key participants included Whiteoak Capital, Acacia Banyan Partners, Aditya Birla Sun Life Trustee, Invesco India, Troo Capital, Nomura Trust, ICICI Prudential Mutual Fund, Franklin India, and Motilal Oswal Mutual Fund.

For more than 25 years, the company has provided chauffeured car rentals and employee transportation services to corporate clients in India, including Fortune 500 companies. It has a fleet of approximately 12,000 vehicles, ranging from economical automobiles to luxury coaches, and serves 109 locations around the country.

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