ECOS Mobility IPO GMP: The grey market premium (GMP) for the initial public offering (IPO) of ECOS (India) Mobility & Hospitality continues to exhibit strength on the final day of subscription, which is today. The unlisted shares of ECOS Mobility were trading at a premium of around Rs 140, approximately 42 per cent above the upper end of the price band of Rs 334, according to several sources tracking grey market activity. The GMP of the ECOS Mobility IPO has, however, declined from the Rs 194 that it commanded on August 27, 2024, and Rs 160 on August 28, 2024.
A strong GMP typically signals positive demand and investor confidence, often indicating favourable market sentiment ahead of the stock’s official listing. Should the current GMP trend persist, ECOS Mobility shares could deliver substantial listing gains, potentially yielding returns of around 42 per cent post-listing.
The three-day subscription window to bid for the ECOS Mobility IPO, which is offered at a price band of Rs 318-334 and a lot size of 44 shares, ends today.
ECOS Mobility Subscription Status
The Rs 601.20-crore public issue of ECOS Mobility, which is entirely an offer for sale, has received bids for 18,94,78,916 shares against 1,26,00,000 shares on offer, thus getting subscribed by 15.04 times, as per NSE data.
The retail category has been subscribed 13.10 times, while the Non-Institutional Investor (NII) category saw an overwhelming 38.51 times subscription. The Qualified Institutional Buyer (QIB) category recorded a 0.83 times subscription.
Should You Subscribe to the ECOS Mobility IPO?
ECOS Mobility IPO allotment, listing date
Following the closure of the three-day subscription window of the ECOS Mobility IPO, the basis of allotment is scheduled for Monday, September 2, 2024, with shares expected to be credited to Demat accounts by Tuesday, September 3, 2024. The shares are tentatively set to list on the BSE and NSE on Wednesday, September 4, 2024.
Link Intime India is the registrar, and Equirus Capital and IIFL Securities are the book-running lead managers for this issue.
About ECOS (India) Mobility & Hospitality
ECOS Mobility offers chauffeured car rentals (CCR) and employee transportation services (ETS) to corporate customers. With a vast fleet of over 9,000 vehicles, ranging from economy to luxury cars, the company caters to diverse needs. Additionally, ECOS Mobility provides specialised vehicles, including luggage vans, limousines, vintage cars, and accessible transportation options for individuals with disabilities, ensuring a comprehensive and inclusive transportation solution.
First Published: Aug 30 2024 | 12:42 PM IST
