ECOS Mobility Shares Surge 17% on Market Debut
Sep 04, 2024 11:14
ECOS (India) Mobility & Hospitality Ltd shares jumped over 17% on their market debut, trading at Rs 391.30 against the issue price of Rs 334. The company's initial share sale was oversubscribed 64 times.
New Delhi, Sep 4 (PTI) Shares of chauffeur-driven mobility provider ECOS (India) Mobility & Hospitality Ltd listed with a premium of over 17 per cent against the issue price of Rs 334 on Wednesday.
The stock made its debut at Rs 391.30, a jump of 17.15 per cent from the issue price on the BSE. Later, it zoomed 36.52 per cent to Rs 456.
At the NSE, shares of the firm listed at Rs 390, a premium of 16.76 per cent.
The company's market valuation stood at Rs 2,540.70 crore.
The initial share sale of Ecos (India) Mobility & Hospitality got subscribed 64.18 times on the closing day of bidding on Friday.
The Rs 601 crore share sale was entirely an Offer For Sale (OFS) of up to 1,80,00,000 equity shares.
The IPO had a price range of Rs 318-334 a share.
The Delhi-based 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.
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