Ecos (India) Mobility IPO Opens Aug 28: Price Band Rs 318-334

By By Rediff Money Desk, New Delhi
Aug 23, 2024 17:17
Ecos (India) Mobility's Rs 601 crore IPO opens on Aug 28, with a price band of Rs 318-334 per share. The IPO is entirely an offer for sale (OFS) by promoters.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Aug 23 (PTI) Chauffeur-driven mobility provider Ecos (India) Mobility & Hospitality Ltd on Friday said it has fixed a price band of Rs 318-334 per share for its Rs 601 crore initial public offering.

The initial share sale opens for public subscription on August 28 and concludes on August 30 and bidding for anchor investors will open for a day on August 27, the company said in a statement.

The company's maiden public issue is entirely an offer for sale (OFS) of 1.8 crore equity shares worth Rs 601 crore, at the upper end of the price band, by promoters -- Rajesh Loomba and Aditya Loomba -- with no fresh issue component.

Since it is an OFS, the Delhi-based firm will not receive any proceeds from the IPO and the money will go to promoters selling shares.

Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

Investors can bid for a minimum of 44 equity shares and in multiples of 44 equity shares thereafter.

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 such as luggage vans, limousines, vintage cars and vehicles for accessible transportation for people with disabilities.

The global corporate mobility market (including ETS and CCR) is poised for steady growth at a projected CAGR (compound annual growth rate) of 9.6 per cent from 2023 to 2030. Besides, India is set to lead the global corporate mobility market in terms of growth with a projected CAGR of 10.7 per cent from 2023 to 2030, the draft paper cited a F&S Report.

Equirus Capital and IIFL Securities are the book-running lead managers to the issue.
Source: PTI
Read More On:
ipopromotersoffer for saleinitial public offeringofsprice bandiifl securitiesequirus capitalecos (india) mobilitychauffeur-driven mobilitycorporate mobilityrs 318-334
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.

You May Like To Read

MORE NEWS

Real Estate Investment Soars 45% in Q3 2024:...

Institutional investments in Indian real estate surged to USD 1.15 billion in...

India's Potential as Green Shipbuilding Hub:...

India's government focus on alternative fuels and renewable energy positions it as a...

EU Deforestation Regulation: Concerns and Support

The EU's Deforestation Regulation sparks debate, with countries, businesses, and...

UP Cabinet Approves Self-Employment Scheme for...

Uttar Pradesh cabinet approves a self-employment scheme for youths with loan subsidies...

UP Govt. Announces Cinema Hall Scheme:...

Uttar Pradesh government approves a scheme to revive cinema halls, upgrade existing...

Cooperative Societies: One-Stop Shop for Farmers

Odisha Chief Secretary highlights cooperative societies'' role in empowering farmers,...

Plutus Wealth Buys SpiceJet Shares for Rs 50 Crore

Plutus Wealth Management has acquired a 0.58% stake in SpiceJet for Rs 50 crore through...

Odisha to Host Ambassadors' Meet Ahead of Biz...

Odisha government to host a meeting of ambassadors in Delhi to showcase its industrial...

Cable TV Tariff Hike: MSOs Pass On Rising Costs

Cable operators in India are raising tariffs by 5-10% due to increased costs from...

NCLT Needs More Manpower Amid IBC Case Delays

The National Company Law Tribunal (NCLT) President calls for more manpower to address...

Read More »

Sectoral Indices Market Indicators Listed Companies Gainers Losers Mutual Funds Portfolio Watchlist
© 2024 Rediff.com