Shares of ECOS (India) Mobility & Hospitality made a muted debut at Dalal Street on Tuesday as the stock was listed at a mild premium of 17.15 per cent on NSE at Rs 391.30, over the issue price of Rs 334. Similarly, the stock was listed at Rs 390 on BSE, with a premium of 16.76 per cent over the given issue price.
The listing of ECOS (India) Mobility has been below the expectations. Ahead of its listings, shares of ECOS (India) Mobility & Hospitality were commanding a grey market premium (GMP) of Rs 125-130 per share, suggesting a listing pop of roughly 37-40 per cent for the investors. However, it was around Rs 160-170, when the company announced allotment of its shares.
The IPO of ECOS (India) Mobility & Hospitality was open for bidding between August 28 and August 30. It had sold its shares in the price band of Rs 318-334 per share with a lot size of 44 shares and its multiples thereafter. It raised a total of Rs 601.20 crore from its IPO, which was entirely an offer-for-sale (OFS) of 1.80 crore shares.
The issue was overall subscribed a solid 64.26 times, thanks to a strong push from qualified institutional bidders (QIBs), whose quota was booked 136.85 times. The quota for non-institutional investors was subscribed 71.23 times. The portions reserved for retail investors saw bidding for 19.79 times during the bidding process.
Incorporated in February 1996, ECOS (India) Mobility & Hospitality is a chauffeur driven car rental service provider in India. The New Delhi-based company's primary business is to provide chauffeured car rentals and employee transportation services. It has been offering these services to corporate clients, including Fortune 500 companies in India.
Brokerages were mostly positive on the issue suggesting investors to subscribe to it for a long term. Equirus Capital and IIFL Securities were the book running lead managers of the ECOS (India) Mobility IPO, while Link Intime served as the registrar for the issue.