Ecos Mobility and Hospitality announces price range for its Rs 600 crore IPO. View details

Ecos Mobility and Hospitality has announced a price band of Rs 318-334 for its upcoming initial public offering (IPO), which will raise Rs 601.20 crore. The IPO will open for bidding on August 28 and close on August 30.

The IPO size of Rs 601.20 crore is based on the upper end of the price band.

The IPO is an offer for sale (OFS) of 1.8 crore shares, with promoters Rajesh Loomba and Aditya Loomba selling part of their stakes. Since the IPO is an OFS, all the proceeds will go to the selling shareholders.

Up to 50% of the issue has been reserved for qualified institutional buyers (QIBs), at least 15% for non-institutional investors (NIIs) and at least 35% for retail investors.

Ecos Mobility has been providing chauffeured car rental and employee transportation services to corporate clients including Fortune 500 companies in India for over 25 years. The company operates a fleet of over 9,000 vehicles, ranging from economy cars to luxury coaches. This fleet comprises various categories such as luxury vehicles (including brands like Audi, BMW and Mercedes-Benz), economy vehicles, premium vehicles and buses/vans. Also read: Bluestone bags Rs 900 crore in pre-IPO funding round, to file draft documents this year Ecos Mobility also offers specialised vehicles including luggage vans, limousines, vintage cars and disabled accessible transport.

The company also serves clients across various industries including information technology, business process outsourcing, global competence centers (GCC), consulting, healthcare, e-commerce, pharmaceuticals, legal and manufacturing. Notable clients include HCL Corp, HDFC Life, Thomas Cook India and WM Global Tech among others.

During FY24, the company’s operating revenue grew 31% year-on-year to Rs 554 crore, while profit after tax (PAT) grew 43% to Rs 62.5 crore.

Equirus Capital and IIFL Securities are acting as lead bookrunners for the issue.

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