Shares of ECOS (India) Mobility & Hospitality made a modest start at Dalal Street on Tuesday, with the company trading at a 17.15 percent premium to the issue price of Rs 334 on NSE. Similarly, the stock was listed on BSE at Rs 390, representing a 16.76% premium over the issue price.
The listing of ECOS (India) Mobility was below expectations. ECOS (India) Mobility & Hospitality shares were trading at a grey market premium (GMP) of Rs 125-130 per share prior to its IPO, implying a 37-40% increase in value for investors. However, value was approximately Rs 160-170 when the corporation announced the allocation of its shares.
The IPO of ECOS (India) Mobility & Hospitality was up for bidding from August 28 to August 30. It sold its shares at a price range of Rs 318-334 per share in lots of 44 and subsequent multiples. It earned a total of Rs 601.20 crore through its first public offering (IPO), which consisted solely of an offer-for-sale of 1.80 crore shares.
The issue was generally subscribed 64.26 times, owing to a significant push from qualified institutional bidders (QIBs), who booked 136.85 times. The quota for non-institutional investors was filled 71.23 times. The sections earmarked for retail investors were bid on 19.79 times during the auction procedure.
ECOS (India) Mobility & Hospitality, founded in February 1996, is a chauffeur-driven automobile rental service provider in India. The New Delhi-based company's principal activity is chauffeured car rentals and staff transportation. It provides these services to corporate clients, including Fortune 500 firms in India.
Brokerages were mainly bullish about the problem, advising investors to subscribe for the long term. Equirus Capital and IIFL Securities were the book-running lead managers for the ECOS (India) Mobility IPO, while Link Intime served as the registrar for the offering.
