ECOS Mobility IPO Closes Today With Strong Investor Interest; Check GMP, Subscription Status
ECOS Mobility IPO: The price band for the IPO has been set between Rs 318 and Rs 334 per equity share, and the shares are slated for listing on both the BSE and the National Stock Exchange
ECOS Mobility IPO: The Initial Public Offering (IPO) of ECOS (India) Mobility & Hospitality Limited, which launched on August 28, 2024, is set to close on Friday (August 30). This IPO has garnered significant attention, with the company aiming to raise Rs 601.20 crore through an Offer for Sale (OFS) of up to 1,80,00,000 equity shares. The price band for the IPO has been set between Rs 318 and Rs 334 per equity share, and the shares are slated for listing on both the BSE and the National Stock Exchange (NSE).
The IPO has seen a robust response from investors since its launch, with the issue being fully subscribed on the very first day of bidding. This strong interest has been reflected in the Grey Market, where ECOS Mobility shares are trading at a premium. As of today, the Grey Market Premium (GMP) stands at Rs 155 per share, slightly down from the previous day’s premium of Rs 161. Despite this minor dip, market sentiment remains positive, with observers noting that the overall bullish trend in the secondary market is likely to support continued investor interest in the IPO.
ECOS Mobility & Hospitality Ltd has a long-standing presence in the Indian market, providing chauffeured car rentals (CCR) and employee transportation services (ETS) to corporate clients for over 25 years. The company’s extensive fleet includes over 9,000 vehicles ranging from economy to luxury cars, as well as specialty vehicles such as luggage vans, limousines, vintage cars, and vehicles designed for accessible transportation for individuals with disabilities.
Prior to the IPO, the company secured Rs 180.36 crore from anchor investors, indicating strong institutional interest. However, as the public issue is entirely an OFS, the proceeds from the IPO will not be retained by the company but will go to the promoters who are selling their shares.
Equirus Capital and IIFL Securities are serving as the book-running lead managers for this IPO. With the bidding window closing today, investors have one final opportunity to participate in this public issue before it makes its debut on the BSE and NSE.
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