ECO Mobility IPO: Key Highlights of Upcoming IPO

• ECO Mobility IPO is a book-built issue of Rs 601.20 crores.
• This upcoming IPO bidding opens on August 28 and closes on August 30, 2024.
• ECO Mobility's IPO price is set at Rs 318 – Rs 334 per share.
• The minimum investment amount required for retail investors is Rs 14,696.

ECO Mobility IPO: Synopsis

ECO Mobility is open for subscription from Wednesday, August 28, 2024, and closing on Friday, August 30, 2024. The price band for this IPO is set to Rs 318 – Rs 334 per share.

ECO Mobility is offering a 100% book-built public issue. The company is offering entirely an offer for sale of 1.80 crore of equity shares amounting up to Rs 601.20 crore.

The allotment for this new IPO is expected to be finalised on Monday, September 2, 2024. This IPO will be listed on the NSE and BSE exchanges on Wednesday, September 4, 2024.

The IPO is managed by Equirus Capital Private Limited and IIFL Securities Limited which is book running the lead manager of this IPO. The company has appointed Link Intime (India) Private Limited as the registrar for the issue.

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ECOs Mobility & Hospitality Limited: About the Company

ECOS (India) Mobility and Hospitality, established in 1996, is one of the largest and most profitable chauffeur-driven mobility providers to corporates in India in terms of revenue from operations and profit after tax for Fiscal 2023 (Source: F&S Report). They are primarily engaged in the business of providing chauffeured car rentals (“CCR”) and employee transportation services (“ETS”) and have been providing these services to corporate customers, including Fortune 500 companies in India, for more than 25 years. As of September 30, 2023, we have a pan-India presence in 109 cities through our own vehicles and vendors, spread across 21 states and four union territories in India, which underscores our deep-rooted and extensive footprint and demonstrates our penetration into diverse regions across India. They also provide self-drive cars in the cities of Delhi, Gurugram, Mumbai, and Bengaluru. They have also provided self-drive cars outside India through vendors.

ECO Mobility IPO: Objectives

The Company will not be getting any proceeds of the OFS by the Selling Shareholders. Each of the Selling Shareholders, i.e. Rajesh Loomba and Aditya Loomba, will be entitled to the respective proportion of the proceeds of the Offer for Sale after deducting their portion of the Offer related expenses and the applicable taxes thereon.

ECO Mobility IPO: Other Important Details

Time-Table of ECO Mobility IPO

ECOs (India) Mobility & Hospitality Ltd Financial Metrics (Amt in Rs Crore)

ECO Mobility Mobility Limited's revenue for the year ended March 2024 was reported at Rs 568.21 crore, marking an 34% increase compared to March 2023. The profit after tax increased by 43% for the same period. 

Minimum Investment: Lot Size Details

Promoters of ECO Mobility Limited and Their Holdings

Rajesh Loomba, Aditya Loomba, Nidhi Seth, Rajesh Loomba Family Trust and Aditya Loomba Family Trust are the promoter(s) of the company. They collectively held 97.75% of the company's shares. However, post-IPO, the change in his shareholding will be 67.75%.

ECO Mobility: Strength of Company

1.   Established in 1996, ECOS (India) Mobility has nearly three decades of industry experience.

2.   The company operates in 109 cities across 21 states and four union territories in India.

3.   ECOS (India) Mobility has a diverse fleet of over 12,000 vehicles, including luxury and speciality options.

4.   The company serves over 1,100 organizations, including several Fortune 500 companies.

5.       In Fiscal 2024, ECOS (India) Mobility completed over 3.1 million trips, averaging more than 8,400 trips per day.

FAQs

1.       What are the core details available for ECO Mobility's IPO?

ECO Mobility IPO is a book-built issue of Rs 601.20 crore. This upcoming IPO offering a entirely offer for sale of 1.80 crore of equity share. The allotment for this new IPO is expected to be finalised on Monday, September 2, 2024.

2.       How can I apply for the ECO Mobility IPO?

The public subscription of this new IPO opens on Wednesday, August 28 2024 and closes on Friday, August 30 2024. Click here to initiate the application process.

3.       Who are the lead managers for the ECO Mobility IPO?

Equirus Capital Private Limited and Iifl Securities Ltd were appointed as the book-running lead managers for this IPO.

4.       Who is appointed as the registrar for this IPO?

Link Intime India Private Limited has been appointed as the registrar for this public issue.

5.       How will the net proceeds from the IPO be utilised?

The Company will not be getting any proceeds of the OFS by the Selling Shareholders. Each of the Selling Shareholders, i.e. Rajesh Loomba and Aditya Loomba, will be entitled to the respective proportion of the proceeds of the Offer for Sale after deducting their portion of the Offer related expenses and the applicable taxes thereon.

6.       How can I check the allotment status of the IPO?

Investors who applied for IPO can check the allotment status of ECO Mobility Limited by visiting here, for further updates, follow Bigul.

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