The initial public offering (IPO) of ECOS (India) Mobility & Hospitality (ECO Mobility) opens for bidding today, that is, on Wednesday, August 28 and the issue can be bid until Friday, August 30. The company will be selling its shares in the fixed price band of Rs 318-334 apiece, where investors can apply for a minimum of 44 equity shares and its multiples thereafter. Incorporated in February 1996, ECOS (India) Mobility & Hospitality is a chauffeur driven car rental service provider in India.
The New Delhi-based company's primary business is to provide chauffeured car rentals and employee transportation services. It has been offering these services to corporate clients, including Fortune 500 companies in India. The Rs 601.
20 crore-IPO of ECO Mobility is entirely an offer-for-sale (OFS) of up to 1.80 crore equity shares by its promoters Rajesh Loomba and Aditya Loomba amounting to Rs 610.20 crore.
The latest grey market premium of ECOS (India) Mobility stood at Rs 195-200, suggesting gains around 60 per cent over its upper end of the price band. ECO Mobility had a presence throughout India, operating in 109 cities using its own vehicles and vendors by the end of FY24. Its presence is spread across 21 states and four union territories.
In Fiscal 2024, it served over 1,100 organizations in India. The company offers self-driven cars in Delhi, Gurugram, Mumbai, and Bengaluru. ECOS Mobility has a fleet of over 12,000 cars, including economy, luxury, and minivans, as well as special.