ECO Mobility Launches ₹601.20 Crore IPO, Subscription Open Until August 30

• IPO Details: ECO Mobility’s ₹601.20 crore IPO opened on August 28, 2024, with a price band set between ₹318 and ₹334 per share, and will close on August 30, 2024.
• Investment Structure: The IPO offers three subscription categories—Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Investors—with a minimum lot size of 44 shares.
• Company Overview: ECOS (India) Mobility & Hospitality Limited, incorporated in 1996, is a leading chauffeur-driven car rental and employee transportation service provider in India, serving over 1,100 organizations with a fleet of 12,000 vehicles.

BILKULONLINE

Ahmedabad, Aug 24: ECO Mobility IPO, the highly anticipated public offering by ECOS (India) Mobility & Hospitality Limited, to begin its subscription on August 28, 2024.

The IPO, which is set to close on August 30, 2024, aims to raise approximately ₹601.20 crore. The price band for the IPO is set between ₹318 and ₹334 per share.

The IPO is structured into three categories for subscription: Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Investors. Investors can apply with a minimum lot size of 44 shares, requiring a minimum investment of ₹14,696 for retail investors. For small NIIs (sNIIs), the minimum lot size is 14 lots (616 shares) amounting to ₹205,744, while for large NIIs (bNIIs), it is 69 lots (3,036 shares), totaling ₹1,014,024.

Rajesh Loomba, Chairman and MD, Aditya Loomba, Joint MD, Hem Kumar Upadhyay, CFO and Deepali Dev COO with Jenny Bagrech from Associate Investment remianed present at media interaction in Ahmedabad on Saturday.

Rajesh Loomba, Chairman and Managing Director of ECOS (India) Mobility & Hospitality Limited, revealed the details of the company’s IPO. He reflected on the company’s origins, sharing how his late father, Captain KR Loomba, a retired Indian Army officer, launched the business in 1975 with just one Ambassador car in Delhi. Following Captain Loomba’s death in 2001, Rajesh Loomba took the helm, guiding ECOS to its current success.

Incorporated in February 1996, ECOS (India) Mobility & Hospitality Limited is a well-established chauffeur-driven car rental service provider in India, offering chauffeured car rentals (CCR) and employee transportation services (ETS). The company’s extensive client base includes industry giants such as Inter Globe Aviation Limited (Indigo), HCL Corporation Private Limited, Safe xpress Private Limited, Deloitte Consulting India Private Limited, Urban clap Technologies Private Limited (Urban Company), IndusInd Bank Limited, Foresight Group Services Limited FZCO, HDFC Life Insurance Company Limited, Thomas Cook, India, Grant Thornton Bharat LLP, WM Global Technology Services India Private Limited (Walmart Global Tech), VRB Consumer Products Private Limited, Pinkerton Corporate Risk Management Private Limited, Med Genome Labs Limited, Dream folks Services Limited, Mercer Consulting (I) Private Limited, FNF India Private Limited (Fidelity), exl Service.com (India) Private Limited, Gujarat Guardian Limited, and VA Tech Wabag Limited.

The company boasts a fleet of over 12,000 vehicles, including economy, luxury, and mini vans, as well as specialized vehicles such as luggage vans, limousines, vintage cars, and accessible transportation for individuals with disabilities. Additionally, the company offers self-driven car services in Delhi, Gurugram, Mumbai, and Bengaluru.

As of March 31, 2024, ECOS (India) Mobility operated in 109 cities across 21 states and four union territories, covering a wide geographic area in India. The company served the CCR and ETS needs of over 1,100 organizations in Fiscal 2024, with a strong operational team of 671 employees dedicated to real-time quality checks and issue resolution.

The IPO, which is entirely an offer for sale of 1.8 crore shares, will be listed on both the BSE and NSE. The allotment of shares is expected to be finalized on September 2, 2024, with the tentative listing date set for September 4, 2024.

Equirus Capital Private Limited and IIFL Securities Ltd are the book running lead managers for the ECO Mobility IPO, while Link Intime India Private Ltd is serving as the registrar for the issue.