The initial public offer of chauffeur-driven mobility provider Ecos (India) Mobility & Hospitality got fully subscribed on the first day of bidding on Wednesday and ended the day with 3.36 times subscription.
The Rs 601 crore initial share sale received bids for 42,282,284 shares against 12,600,000 shares on offer, as per NSE data.
The category for non-institutional investors received 6.64 times subscription while the portion for Retail Individual Investors (RIIs) got subscribed 3.84 times. The Qualified Institutional Buyers (QIBs) part got subscribed 4 per cent.
The Initial Public Offer (IPO) is entirely an Offer For Sale (OFS) of up to 18,000,000 equity shares.
The IPO has a price range of Rs 318-334 a share.
Ecos (India) Mobility & Hospitality Ltd on Tuesday said it has raised Rs 180.36 crore from anchor investors.
Since the public issue is entirely an OFS, the Delhi-based firm will not receive any proceeds from the IPO and the money will go to promoters selling shares.
The company has been providing chauffeured car rentals (CCR) and employee transportation services (ETS) to corporate customers for more than 25 years. It operates a fleet of more than 9,000 vehicles from economy to luxury cars. It also provides speciality vehicles like luggage vans, limousines, vintage cars and vehicles for accessible transportation for people with disabilities.
Equirus Capital and IIFL Securities are the book-running lead managers to the offer.
The company’s shares will be listed on BSE and NSE.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 28 2024 | 7:29 PM IST
