Demand for the ECOS (India) Mobility and Hospitality IPO Limited was high on Wednesday, August 28, the first day of bidding. Within hours of its launch, the mobility service provider’s initial public offering was fully subscribed.
According to consolidated bid data on the National Stock Exchange, 1.26 crore shares were offered for subscription, but over 4.22 crore shares were bid for the mainboard issue. On the first day of bidding, 3.82 times subscriptions were made to the issue.
Total bids in different categories
With bids for 1.99 crore shares compared to the 27 lakh shares set aside for the category, non-institutional investors (NIIs) led the demand, resulting in a subscription that was 7.39 times.
The issue was subscribed 4.45 times in the retail segment, and retail investors placed bids for over 2.80 crore shares, compared to the 63 lakh shares reserved for them.
Out of the 36 lakh shares set aside for this category, bids for 1,59,456 shares were made by the Qualified Institutional Buyers (QIBs). The QIBs category saw a 4 per cent booking for the IPO of ECO Mobility.
IPO price band & offer size
Through its public offering, ECOS (India) Mobility intends to raise RS 601.2 crore. The offer to sell 1.8 crore shares is the sole component of the mainboard issue.
The selling shareholders in the OFS are the company’s promoters, Rajesh and Aditya Loomba, who will sell up to 99,000,000 and up to 81 lakh shares, respectively.
The price range for the ECOS (India) Mobility IPO was set at Rs 318 to Rs 334 per share. Retail investors may bid up to 44 shares in a minimum lot for a total investment of Rs 14,696.
Subscription and listing timetable
The subscription for the ECOS (India) Mobility IPO will end on August 30. On Monday, September 2, the IPO share allotment status is anticipated to be finalised. On September 3, shares will be credited to winning bidders’ Demat accounts, and that same day, refunds for losing bidders will be started.
The tentative date for the IPO listing of ECOS (India) Mobility has been set for September 4. The company’s shares will be listed on the BSE and NSE.
Company offerings
The ECOS (India) Mobility & Hospitality Limited took place in February 1996. Chauffeur-driven automobile rentals are provided by ECOS (India) Mobility and Hospitality Limited .
The company operates under the brand ECO Mobility and offers employee transportation services (ETS) and chauffeured car rentals (CCR). In Bengaluru, Delhi, Mumbai, and Gurugram, the company also provides self-driven automobiles.
