ECOS Mobility IPO Sees Massive 9.6x Subscription on Day 2 – Get the Latest on GMP, Price Band, and Lot Size
The initial public offering (IPO) of Ecos (India) Mobility and Hospitality Ltd opened on August 28 and will close on August 30, 2024.
By the second day of the IPO, August 29, it was subscribed 9.63 times, reflecting strong demand.
The IPO allocation is as follows: 50% of the shares are for qualified institutional investors (QIBs), 35% for retail investors, and the remaining 15% for non-institutional investors (NIIs).
Subscription Status of Ecos Mobility IPO
On August 29, the Ecos Mobility IPO received applications for 12,13,96,836 shares, compared to the 1,26,00,000 shares on offer. The NII category was the most active, with subscriptions reaching 23.52 times the allotted shares. Retail investors subscribed 9.13 times, while QIBs subscribed 0.10 times.
Details of the Ecos Mobility IPO
This IPO involves selling 18,000,000 equity shares, with Rajesh and Aditya Loomba, both from the promoter group, selling 9,900,000 and 8,100,000 shares respectively.
The price range for the shares is set between ₹318 and ₹334, with each share having a face value of ₹2. The company has already raised ₹180.36 crore from anchor investors. Investors must bid for a minimum of 44 shares, and multiples of 44 thereafter.
According to the Red Herring Prospectus (RHP), the company won’t receive any funds directly from this IPO, as it is entirely an offer for sale. The proceeds will go to the selling shareholders.
The lead managers for the IPO are Equirus Capital Private Limited and IIFL Securities Ltd, with Link Intime India Private Ltd as the registrar.
Ecos Mobility Grey Market Premium (GMP) Today
The grey market premium (GMP) for the Ecos Mobility IPO is currently ₹160. This suggests that shares are trading at this premium in the grey market, indicating a high demand. Based on this premium and the upper end of the IPO price range, the estimated listing price of Ecos Mobility shares could be ₹494 each, which is nearly 48% higher than the IPO price of ₹334.
The grey market premium reflects investors’ willingness to pay more than the IPO price.
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