Ecos India IPO raises ₹178 Crore from anchor investors

28 Aug 2024 , 12:09 PM

Ecos India Mobility & Hospitality has launched its ₹601-crore initial public offering (IPO) today, which will be open for subscription till August 30. The IPO’s price range is set at ₹318–334 per share. There are no new shares issued, and the company itself will not receive any cash from the initial public offering (IPO). The issue consists only of an offer-for-sale (OFS) of 1.8 crore equity shares by the current shareholders. Rajesh and Aditya Loomba, the promoters of the company will receive all proceeds.

The IPO saw participation from 14 institutional investors in the anchor book opened on August 27. This includes marquee investors such as Whiteoak Capital, ICICI Prudential Mutual Fund, Nomura Trust, Aditya Birla Sun Life Trustee, and Nippon Life India. Other notable investors in the anchor book were Troo Capital, Acacia Banyan Partners, Invesco India, Motilal Oswal Mutual Fund, Franklin India, Optimix Wholesale Global Emerging Markets Share Trust, Tata Mutual Fund, Bandhan Mutual Fund, and Edelweiss Trusteeship.

ECOS India Mobility & Hospitality allocated 54 lakh equity shares to anchor investors, out of which 35,13,500 shares went to 10 domestic mutual funds that applied through 15 different schemes, the company stated.

Equirus Capital and IIFL Capital Services are acting as the merchant bankers for the issue, while Link Intime India is appointed as the registrar.

ECOS India is one of India’s largest chauffeur-driven mobility providers for corporate clients in terms of both revenue and profit for the fiscal year 2023. The company offers chauffeured car rentals (CCR) and employee transportation services (ETS) to corporate customers, with a presence spanning over 25 years. Ecos India has a network across 109 cities, using both its own vehicles and those of vendors to service over 1,100 organizations throughout FY24. Its fleet includes more than 12,000 vehicles, ranging from economy to luxury cars, mini-vans, luxury coaches, speciality vehicles like luggage vans, limousines, vintage cars, and accessible vehicles for people with disabilities.