ECOS Mobility & Hospitality records 17% upside on D-Street debut

ECOS Mobility IPO: ECOS (India) Mobility & Hospitality made a strong debut on the bourses, with its listing on September 4 at Rs 391 per share-17 per cent over the issue price of Rs 334 per share.

Despite this upside, these listing gains were below the grey market expectations, where shares had traded at a premium of around 37 per cent. The grey market operates unofficially, allowing shares to trade before the official subscription period and continues till the day of listing.

The IPO drew an overwhelming response from investors in its initial share sale. The public issue was subscribed 64.18 times the issue size. The IPO of the company received a total 80.86 crore bids against 1.26 crore shares on offer.

QIBs led the demand, subscribing to 136.85 times their allotted shares. Subscription of the noninstitutional investors followed at 71.17 times and subscription of the retail category was 19.66 times its allocation.

The anchor book opened on August 27, and had witnessed an encouraging response from institutional investors. The company has garnered Rs 180.4 crore from 14 anchor investors. The main anchor investors were Whiteoak Capital, Acacia Banyan Partners, Aditya Birla Sun Life Trustee, Invesco India, Troo Capital, Nomura Trust, ICICI Prudential Mutual Fund, Franklin India and Motilal Oswal Mutual Fund.

ECOS (India) Mobility & Hospitality has been operating chauffeur-driven car rentals and employee transport solutions for over 25 years to corporate clients, including Fortune 500 companies. The company operates more than 12,000 vehicles-from economy cars to luxury coaches-across 109 cities in India.