The ₹601-crore initial public offering of New Delhi-based Ecos (India) Mobility & Hospitality opens today. The IPO will remain open till August 30. The IPO is entirely an offer-for-sale (OFS) of 1.8 crore equity shares by the existing shareholders, with a price range of ₹318-334. Rajesh Loomba and Aditya Loomba, who are part of the promoter group, will sell up to 99 lakh and 81 lakh shares, respectively in the IPO.
ECOS Mobility IPO has a lot size of 44 equity shares, with additional purchases required to be in multiples of 44 shares. Not more than 50 per cent of the offer is reserved for qualified institutional buyers, while the retail and non-institutions (HNIs) quota has been pegged at 35 per cent and 15 per cent.
As part of the IPO exercise, Ecos (India) has garnered ₹180.36 crore from 19 anchor investors, including Whiteoak Capital fund, ICICI Prudential Mutual Fund, Aditya Birla Sunlife Mutual Fund, Nomura India, Nippon Life India Mutual Fund, Motilal Oswal Mutual Fund, Tata Mutual Fund, Franklin India Mutual Fund, Edelweiss Mutual Fund and Bandhan Mutual Fund.
The company primarily offers chauffeur-driven car rentals and employee transportation services. It operates a fleet of over 12,000 vehicles, including economy cars, luxury cars, mini vans, luxury coaches, luggage vans, limousines, vintage cars, and accessible transportation for people with disabilities. Additionally, ECOS provides self-driven car rental services in Delhi, Gurugram, Mumbai, and Bengaluru, as well as for international clients through a network of global vendors. According to the company, its diverse clientele includes prominent organisations across sectors such as IT, consulting, BPO, e-commerce, healthcare, and pharmaceuticals. Notable among them are InterGlobe Aviation Ltd, HCL Corporation Pvt Ltd, Safexpress Pvt Ltd, Deloitte Consulting India 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, MedGenome Labs Limited, Dreamfolks 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.
Equirus Capital Private Ltd and IIFL Securities Ltd are the book-running lead managers to the issue.