Ecos Mobility and Hospitality is gearing up for its initial public offering (IPO) with a price range set between ₹318 and ₹334 per share. The IPO, expected to raise ₹601.20 crore at the upper price limit, will be open for bidding from August 28 to August 30.
The entire IPO is an offer-for-sale (OFS) of 1.8 crore shares, meaning the funds raised will go to the current shareholders selling their stakes, including promoters Rajesh Loomba and Aditya Loomba.
The IPO has reserved 50% of the shares for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail investors.
Ecos Mobility, a company with over 25 years of experience, provides car rentals with drivers and employee transportation services to large corporate clients, including Fortune 500 companies in India. Their fleet includes more than 9,000 vehicles, from economy cars to luxury coaches, and even specialty vehicles like limousines and vintage cars.
The company serves a variety of industries, such as IT, healthcare, e-commerce, and pharmaceuticals, with notable clients like HCL Corp, HDFC Life, and Thomas Cook India.
In the financial year 2024, Ecos Mobility saw a 31% increase in revenue, reaching ₹554 crore, and a 43% rise in profit after tax (PAT) to ₹62.5 crore.
Equirus Capital and IIFL Securities are managing the IPO process as lead managers.
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