New Delhi: Ecos (India) Mobility & Hospitality Ltd, a provider of chauffeur-driven mobility services, announced on Friday that it has set a price range of Rs 318-334 per share for its Rs 601 crore IPO. The company announced that the public subscription for the IPO will start on August 28 and end on August 30, while bidding for anchor investors will be open on August 27 for one day.
The inaugural public offering of the company consists solely of a sale of 1.8 crore equity shares totaling Rs 601 crore, at the higher end of the price range, by promoters Rajesh Loomba and Aditya Loomba, without any new shares being issued.
As an OFS, the firm based in Delhi will not benefit financially from the IPO as the proceeds will be received by the promoters who are selling shares. 50 per cent of the shares are set aside for qualified institutional investors, 35 per cent for retail investors, and the remaining 15 per cent for non-institutional investors.
Investors are allowed to bid for at least 44 equity shares, with the option to bid for additional shares in increments of 44.For over 25 years, the company has been offering chauffeured car rentals (CCR) and employee transportation services (ETS) to corporate clients. It manages a collection of over 9,000 vehicles ranging from economy to luxury cars. It also offers specialty vehicles like luggage vans, limousines, classic cars, and vehicles for accessible transportation for individuals with disabilities.
The worldwide corporate mobility sector (comprising ETS and CCR) is set to experience consistent expansion with an estimated CAGR of 9.6 per cent from 2023 to 2030. Additionally, India is expected to be the frontrunner in the global corporate mobility market growth, with a forecasted CAGR of 10.7 pc from 2023 to 2030, as referenced in a draft paper from a F&S Report.
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