ECOS Mobility share price makes a strong debut, stock opens with 17% premium at ₹390 apiece on NSE

ECOS Mobility share price made a positive debut on the bourses today. On NSE, ECOS Mobility share price opened at ₹390 per share, 16.77% higher than the issue price of ₹334. On BSE, ECOS Mobility share price today opened at ₹391.30 apiece, up 17.16% than the issue price.

Market experts anticipated ECOS Mobility share price to open with a premium of 40% - 45%.

Ecos (India) Mobility and Hospitality Ltd entered the Indian primary market with its initial public offering (IPO) on August 28. The public issue closed on August 30, 2024. The IPO price range was fixed at ₹318 to ₹334 per equity share, having a face value of ₹2. Anchor investors contributed ₹180.36 crore to the company. Potential investors had the option to bid for a minimum of 44 equity shares and then in multiples of 44 equity shares thereafter. ECOS Mobility IPO subscription status was 64.18 times on the last bidding day.

Qualified institutional investors was allocated half of the issue size, while retail investors was allocated 35%, and non-institutional investors was allocated the remaining 15%.

Established in February 1996, ECOS (India) Mobility & Hospitality Limited operates as a provider of chauffeur driven car rental services in India. The company's main focus is on delivering chauffeured car rentals ("CCR") and employee transportation services ("ETS").

The company has been delivering these services to corporate customers, including Fortune 500 companies based in India.

As of March 31, 2024, the company had established its presence across India, serving 109 cities through its own fleet and vendor network. Its operations span over 21 states and four union territories, demonstrating its extensive coverage and penetration into various regions across the nation.

ECOS Mobility IPO details

The public issue is purely offer for sale of 18,000,000 equity shares. Through this sale, Rajesh and Aditya Loomba, who are part of the promoter group, will be selling up to 9,900,000 and 8,100,000 equity shares, respectively.

The firm will not directly receive any revenues from this offer, as it is a sale offer. All profits from the offer will go to the selling shareholders in proportion to the shares they each sold.

Equirus Capital Private Limited and IIFL Securities Ltd are the book running lead managers for the ECO Mobility IPO, while Link Intime India Private Ltd is the issue's registrar.

ECOS Mobility IPO GMP today

ECOS Mobility IPO grey market premium is + 126. This indicates ECOS Mobility's share price was trading at a premium of ₹126 in the grey market, according to market observers.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of ECOS Mobility shares was ₹460 apiece, which is 37.72% higher than the IPO price of ₹334.

According to the grey market activities over the last 14 sessions, today's IPO GMP is on the rise and is anticipated to have a robust listing. The GMP ranges from a minimum of ₹0 to a maximum of ₹194, as stated by experts at investorgain.com.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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