Ecos India Mobility Secures Rs 180.3 Crore from Anchor Investors Ahead of IPO

India IPO

Updated Aug 27, 2024

Franklin Templeton India Mutual Fund, OptiMix Global Emerging Markets Share Trust, and Nomura India were also involved in the anchor round.

Ecos India Mobility Secures Rs 180.3 Crore from Anchor Investors Ahead of IPO

Ecos (India) Mobility & Hospitality Ltd, a chauffeur-driven mobility provider, announced on Tuesday that it has raised Rs 180.36 crore from anchor investors just before its initial public offering (IPO) opens for public subscription.

The anchor investors include WhiteOak Capital Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, Nippon India Mutual Fund, Troo Capital, Acacia Banyan Partners, Invesco Indio Mutual Fund, Motilal Oswal Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, and Tata Mutual Fund, as detailed in a BSE circula

Additional participants in the anchor round include Franklin Templeton India Mutual Fund, OptiMix Global Emerging Markets Share Trust, and Nomura India.

The company has allocated 54 lakh shares to 19 investors at Rs 334 each, totaling Rs 180.36 crore. The Rs 601-crore IPO will open for subscription on Wednesday and close on Friday, with a price band set between Rs 318 and Rs 334 per share.

This IPO consists solely of an offer for sale (OFS) of 1.8 crore equity shares valued at Rs 601 crore by promoters Rajesh Loomba and Aditya Loomba, with no fresh issue component. As an OFS, Ecos India Mobility will not receive any proceeds from the IPO; instead, the funds will go to the promote

The issue allocation includes 50% for qualified institutional investors, 35% for retail investors, and 15% for non-institutional investors. Bidders can apply for a minimum of 44 shares and in multiples of 44 thereafter.

Ecos India Mobility has been offering chauffeur-driven car rentals and employee transportation services to corporate clients for over 25 years, operating a fleet of more than 9,000 vehicles, including economy, luxury, specialty, and accessible transportation vehicles.

The global corporate mobility market, encompassing employee transportation and chauffeur-driven rentals, is expected to grow steadily with a projected compound annual growth rate (CAGR) of 9.6% from 2023 to 2030. India is anticipated to lead this growth with a projected CAGR of 10.7% over the same period, according to a F&S Report.

Equirus Capital and IIFL Securities are the lead managers for the issue. The company's shares will be listed on both the BSE and NSE.