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Ecos India Mobility IPO: Rs 180.3 cr Raised from Anchor Investors

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By Rediff Money Desk, New Delhi   Aug 27, 2024 22:26

Ecos India Mobility, a chauffeur-driven mobility provider, raised Rs 180.36 crore from anchor investors ahead of its IPO. The IPO, priced at Rs 318-334 per share, opens on Wednesday.
New Delhi, Aug 27 (PTI) Chauffeur-driven mobility provider Ecos (India) Mobility & Hospitality Ltd on Tuesday said it has raised Rs 180.36 crore from anchor investors a day before its initial share sale opening for public subscription.

WhiteOak Capital Mutual Fund (MF), ICICI Prudential MF, Aditya Birla Sun Life MF, Nippon India MF, Troo Capital, Acacia Banyan Partners, Invesco Indio MF, Motilal Oswal MF, Bandhan MF, Edelweiss MF, and Tata MF were the anchor investors, according to a circular uploaded on the BSE website.

Franklin Templeton India MF, OptiMix Global Emerging Markets Share Trust and Nomura India also participated in the anchor round.

The company has allocated 54 lakh shares to 19 entities at Rs 334 apiece, aggregating the transaction size to Rs 180.36 crore, it showed.

The Rs 601-crore initial initial public offering (IPO) will open for public subscription on Wednesday and will conclude on Friday. The price band has been set at Rs 318-334 a share.

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 like 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. The shares of the company will be listed on the BSE and NSE.
Source: PTI
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