Eco Mobility IPO: Delhi-based firm garners ₹180 crore from anchor investors ahead of public issue

Delhi-based Ecos India Mobility & Hospitality, a chauffeur-driven car rental service provider, secured ₹180.36 crore through its anchor book on August 27. This fundraising, which is part of its IPO, took place a day before the issue opens on August 28.

The New Delhi-based company announced in its exchange filing that it has completed the allocation of 5.4 million equity shares to anchor investors at a price of ₹334 per share.

“Ecos (India) Mobility & Hospitality Limited raises ₹180.36 crore from 19 Anchor Investor at the upper price band of ₹334 per equity share (including share premium of ₹332 per equity share) with face value of ₹2 per share,” the company said in an exchange filing.

Some of the marquee investors include, Whiteoak Capital fund, ICICI Prudential Mutual Fund, Aditya Birla Sunlife Mutual Fund, Nomura India, Nippon Life India Mutual Fund, Motilal Oswal Mutual Fund, Tata Mutual Fund, Franklin India Mutual Fund, Edelweiss Mutual Fund and Bandhan Mutual Fund.

Out of the total allocation of 54,00,000 Equity shares to the anchor investors 35,13,500 Equity shares ( i.e. 65.06% of the total allocation to Anchor investors) were allotted to 10 domestic mutual funds who have allied through a total of 15 schemes), the company added.

Eco Mobility IPO details

The ₹601 crore initial public offering (IPO) will be open for subscription from August 28 to August 30, with a price range of ₹318 to ₹334 per share. The IPO is entirely an offer-for-sale (OFS) of 1.8 crore equity shares by the existing shareholders, with no new shares being issued.

The price band for ECOS Mobility's IPO has been set between ₹318 and ₹334 per equity share, with each share having a face value of ₹2.

The ECOS Mobility IPO has a lot size of 44 equity shares, with additional purchases required to be in multiples of 44 shares.

The IPO consists solely of an offer for sale, totaling 18,000,000 equity shares. Rajesh Loomba and Aditya Loomba, who are part of the promoter group, will sell up to 9,900,000 and 8,100,000 equity shares, respectively, as part of this offering.