Ecos Mobility & Hospitality IPO Fully Subscribed on First Day, Raises Rs 180.36 Crore

Ecos (India) Mobility & Hospitality’s IPO saw enthusiastic participation on its first day, getting subscribed 3.36 times. The Rs 601 crore offer fetched bids for 4,22,82,284 shares against 1,26,00,000 available. The IPO, wholly an Offer For Sale, will see no proceeds going to the company. Shares will list on BSE and NSE.

The initial public offer of chauffeur-driven mobility provider Ecos (India) Mobility & Hospitality received robust interest on its first day of bidding. The IPO was fully subscribed and concluded with 3.36 times subscription by day-end.

According to NSE data, the Rs 601 crore initial share sale garnered bids for 4,22,82,284 shares against the 1,26,00,000 shares on offer. Non-institutional investors oversubscribed their category by 6.64 times, while Retail Individual Investors (RIIs) saw a 3.84 times subscription. However, the Qualified Institutional Buyers (QIBs) portion lagged with only 4 per cent subscription.

The IPO is entirely an Offer For Sale (OFS) of up to 1,80,00,000 equity shares. Priced between Rs 318-334 a share, the Delhi-based Ecos raised Rs 180.36 crore from anchor investors ahead of the public issue. As the IPO is an OFS, all proceeds will go to the promoters who are selling the shares. Ecos has been a cornerstone in corporate chauffeured car rentals and employee transportation services for over 25 years, operating a diverse fleet, including specialty vehicles. The shares are set to list on BSE and NSE, with Equirus Capital and IIFL Securities managing the offer.

(With inputs from agencies.)