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Apex Ecotech Limited IPO...
20 Nov 2024
ECOS (India) Mobility & Hospitality Limited IPO And Its GMP
ECOS (India) Mobility & Hospitality Limited is the largest and most profitable chauffeur driven mobility provider to corporations in India, in terms of revenue from operations and profit after tax for Fiscal 2023 (Source: F&S Report). They are primarily engaged in the business of providing chauffeured car rentals (“CCR”) and employee transportation services (“ETS”) and have been providing these services to corporate customers, including Fortune 500 companies in India, for more than 25 years.
In Fiscal 2024, the company provided CCR and ETS to 42 Fortune 500 companies and 60 BSE 500 companies, among others, in India. The CCR segment is a B2B2C business, where their customers are corporate companies and the end consumer is an employee, client, guest or visitor of these corporate companies. Through the ETS segment, ECOS LTD. offers customers solutions to manage their employees' home-office-home ground transportation. As of September 30, 2023, they have a pan-India presence in 109 cities through their vehicles and vendors, spread across 21 states and four union territories in India which underscores our deep-rooted and extensive footprint and demonstrates our penetration into diverse regions across India.
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IPO OVERVIEW
- ● Issue Size: ₹601.20 crores
- ● Offer Type: Entirely an offer for sale of 1.8 crore shares
- ● Subscription Dates: Opens on August 28, 2024, and closes on August 30, 2024
- ● Price Band: ₹318 to ₹334 per share
- ● Minimum Lot Size: 44 shares
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Key Players Involved:
- ● Book Running Lead Managers: Equirus Capital Private Limited and IIFL Securities Ltd
- ● Registrar: Link Intime India Private Ltd
WHAT IS GMP?
GMP stands for Grey Market Premium, and if you are planning your IPO then GMP plays an important role. A grey market is a place where stocks/shares get traded before getting officially listed on any stock exchange. The difference between the IPO price and the grey market price is known as GMP (grey market premium). GMP is a premium amount paid at which initial public offering (IPO) shares are traded before it is listed on the stock exchanges.
ECO Mobility IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 03-09-2024 | 334.00 | 115.0 (34%) | 03-Sep-2024 13:10 |
| 02-09-2024 | 334.00 | 160.0 (48%) | 02-Sep-2024 13:10 |
| 30-08-2024 | 334.00 | 125.0 (37%) | 30-Aug-2024 13:10 |
| 29-08-2024 | 334.00 | 160.0 (48%) | 29-Aug-2024 12:30 |
| 28-08-2024 | 334.00 | 194.0 (58%) | 28-Aug-2024 13:30 |
| 27-08-2024 | 334.00 | 151.0 (45%) | 27-Aug-2024 13:20 |
| 25-08-2024 | 334.00 | 134.0 (40%) | 25-Aug-2024 12:20 |
| 24-08-2024 | 334.00 | 51.0 (15%) | 24-Aug-2024 13:20 |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
ECO Mobility IPO Overview
| Detail | Description |
|---|---|
| IPO Date | August 28, 2024 to August 30, 2024 |
| Listing Date | [.] |
| Face Value | ₹2 per share |
| Price Band | ₹318 to ₹334 per share |
| Lot Size | 44 Shares |
| Total Issue Size | 18,000,000 shares (aggregating up to ₹601.20 Cr) |
| Offer for Sale | 18,000,000 shares of ₹2 (aggregating up to ₹601.20 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Shareholding pre issue | 60,000,000 |
| Shareholding post issue | 60,000,000 |
ECO Mobility IPO Timeline (Tentative Schedule)
| Detail | Description |
|---|---|
| IPO Open Date | Wednesday, August 28, 2024 |
| IPO Close Date | Friday, August 30, 2024 |
| Basis of Allotment | Monday, September 2, 2024 |
| Initiation of Refunds | Tuesday, September 3, 2024 |
| Credit of Shares to Demat | Tuesday, September 3, 2024 |
| Listing Date | Wednesday, September 4, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 30, 2024 |
ECO Mobility IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 44 | ₹14,696 |
| Retail (Max) | 13 | 572 | ₹191,048 |
| S-HNI (Min) | 14 | 616 | ₹205,744 |
| S-HNI (Max) | 68 | 2,992 | ₹999,328 |
| B-HNI (Min) | 69 | 3,036 | ₹1,014,024 |
ECO Mobility IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50.00% of the Offer |
| Retail Shares Offered | Not less than 35.00% of the Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Offer |
ECO Mobility IPO Promoter Holding
| Share Holding Pre Issue | 97.75% |
| Share Holding Post Issue | 67.75% |
Company & Financials
Incorporated in February 1996, ECOS (India) Mobility & Hospitality Limited is a chauffeur driven car rental service provider in India. The company's primary business is to provide chauffeured car rentals (“CCR”) and employee transportation services (“ETS”). The company has been offering these services to corporate clients, including Fortune 500 companies in India. In Fiscal 2024, ECOS (India) Mobility has served the CCR and ETS requirements of over 1,100 organizations in India. The company offers self-driven cars in Delhi, Gurugram, Mumbai and Bengaluru. In Fiscal 2024, ECOS (India) Mobility completed over 3,100,000 trips, averaging more than 8,400 trips per day through its CCR and ETS segments. The company has a fleet of over 12,000 cars, including economy, luxury and minivans, as well as specialty vehicles such as luggage vans, limousines, vintage cars and accessible transportation for people with disabilities.
ECOS (India) Mobility & Hospitality Limited Financial Information
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 | |||||||||||||||||||||||||||||||||||||
| Assets | 296.66 | 229.71 | 112.38 | |||||||||||||||||||||||||||||||||||||
| Revenue | 568.21 | 425.43 | 151.55 | |||||||||||||||||||||||||||||||||||||
| Profit After Tax | 62.53 | 43.59 | 9.87 | |||||||||||||||||||||||||||||||||||||
| Net Worth | 177.41 | 115.13 | 71.56 | |||||||||||||||||||||||||||||||||||||
| Reserves and Surplus | 165.41 | 115.07 | 71.5 | |||||||||||||||||||||||||||||||||||||
| Total Borrowing | 21.72 | 32.95 | 3.34 | |||||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 42.75% |
| ROCE | 42.88% |
| Debt/Equity | 0.12 |
| RoNW | 42.75% |
| P/BV | 11.3 |
| PAT Margin (%) | 11 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 10.42 | 10.42 |
| P/E (x) | 32.05 | 32.05 |
Objectives of ECO Mobility IPO
The company will not directly receive any proceeds from the Offer and all the Offer Proceeds will be received by the Selling Shareholders, in proportion to the Offered Shares sold by the respective Selling Shareholders as part of the Offer.
ECO Mobility IPO Review
The company is the leader in chauffeur-driven car services for corporate customers and has a niche place in the B2B segment for corporate employees/customers/guests’ mobility. After suffering a bit during the Pandemic, it gained momentum and posted good growth in its performances for FY23 and FY24. Based on FY24 earnings, the issue relatively appears fully priced. Though this is a pure secondary offer, post listing, higher visibility and unlocking the value, it will get more preference as a listed company for its business. Investors may park funds for the medium to long term.
FAQs for ECOS Mobility & Hospitality IPO
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What is ECOS Mobility & Hospitality IPO?
ECOS Mobility & Hospitality IPO is a main-board IPO. The company is going to raise ₹601.20 Crores via IPO. The issue is priced at ₹318 to ₹334 per equity share. The IPO is to be listed on BSE & NSE.
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When will the ECOS Mobility & Hospitality IPO open for subscription?
The IPO is to open on August 28, 2024, for QIB, NII, and Retail Investors. The IPO will close on August 29, 2024.
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What is ECOS Mobility & Hospitality IPO Investors Portion?
The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.
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What is ECOS Mobility & Hospitality Issue Size?
ECOS Mobility & Hospitality issue size is ₹601.20 crores.
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What is ECOS Mobility & Hospitality IPO Price Band?
ECOS Mobility & Hospitality IPO Price Band is ₹318 to ₹334.
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What is ECOS Mobility & Hospitality IPO Lot Size?
The minimum bid is 44 Shares with ₹14,696 amount.
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What is the ECOS Mobility & Hospitality IPO Allotment Date?
ECOS Mobility & Hospitality IPO allotment date is September 2, 2024.
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What is the ECOS Mobility & Hospitality IPO Listing Date?
ECOS Mobility & Hospitality IPO listing date is September 4, 2024. The IPO is to be listed on BSE and NSE.
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What is the current GMP of ECOS Mobility & Hospitality?
The current GMP of ECOS Mobility & Hospitality is 115.0 (34%).
RHP:
RHP of ECOS (India) Mobility & Hospitality Limited IPO.
DRHP:
DRHP of ECOS (India) Mobility & Hospitality Limited IPO.
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What is ECOS Mobility & Hospitality IPO?
ECOS Mobility & Hospitality IPO is a main-board IPO. The company is going to raise ₹601.20 Crores via IPO. The issue is priced at ₹318 to ₹334 per equity share. The IPO is to be listed on BSE & NSE.
-
When will the ECOS Mobility & Hospitality IPO open for subscription?
The IPO is to open on August 28, 2024, for QIB, NII, and Retail Investors. The IPO will close on August 29, 2024.
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What is ECOS Mobility & Hospitality IPO Investors Portion?
The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.
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What is ECOS Mobility & Hospitality Issue Size?
ECOS Mobility & Hospitality issue size is ₹601.20 crores.
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What is ECOS Mobility & Hospitality IPO Price Band?
ECOS Mobility & Hospitality IPO Price Band is ₹318 to ₹334.
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What is ECOS Mobility & Hospitality IPO Lot Size?
The minimum bid is 44 Shares with ₹14,696 amount.
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What is the ECOS Mobility & Hospitality IPO Allotment Date?
ECOS Mobility & Hospitality IPO allotment date is September 2, 2024.
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What is the ECOS Mobility & Hospitality IPO Listing Date?
ECOS Mobility & Hospitality IPO listing date is September 4, 2024. The IPO is to be listed on BSE and NSE.
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What is the current GMP of ECOS Mobility & Hospitality?
The current GMP of ECOS Mobility & Hospitality is 115.0 (34%).
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