ECOS Mobility Share Price Surges Over 16% on Market Debut: A Promising Start for Investors
ECOS Mobility share price made a solid debut on the stock exchanges today, outperforming market expectations with an impressive opening. On the National Stock Exchange (NSE), ECOS Mobility share price opened at ₹390 per share, reflecting a 16.77% jump above its issue price of ₹334. On the Bombay Stock Exchange (BSE), the ECOS Mobility share price started at ₹391.30, which is 17.16% higher than the issue price. This strong market entry has captured the attention of investors and market analysts alike.
Market experts had anticipated that the ECOS Mobility share price would open at a premium of 40-45%. Despite not hitting these high expectations, the company still managed to achieve a noteworthy listing. ECOS (India) Mobility and Hospitality Ltd entered the Indian primary market with its Initial Public Offerings (IPO) on August 28, 2024, with the public issue closing on August 30, 2024. The IPO price range was set between ₹318 and ₹334 per equity share, each with a face value of ₹2. Anchor investors demonstrated strong confidence by contributing ₹180.36 crore to the company, highlighting substantial institutional interest.
The ECOS Mobility IPO generated considerable enthusiasm among investors, achieving a subscription rate of 64.18 times by the final bidding day. The allocation of shares was structured to prioritize institutional investors, who were allotted 50% of the issue size. Retail investors received 35% of the allocation, while non-institutional investors were assigned the remaining 15%. This strategic distribution reflects the company’s appeal across various investor categories.
About ECOS Mobility
Founded in February 1996, ECOS (India) Mobility & Hospitality Limited is a leading provider of chauffeur-driven car rental services in India. The company primarily offers chauffeured car rentals (CCR) and employee transportation services (ETS), catering to corporate clients, including numerous Fortune 500 companies in India. ECOS Mobility has steadily expanded its presence, and as of March 31, 2024, it operates in 109 cities through its own fleet and vendor network. The company’s services span 21 states and four union territories, reflecting its wide geographical reach and established market presence.
ECOS Mobility IPO Details
The ECOS Mobility IPO was a pure offer for sale of 18,000,000 equity shares, meaning the company did not directly receive any proceeds from the offer. Promoters Rajesh and Aditya Loomba sold up to 9,900,000 and 8,100,000 shares, respectively. Equirus Capital Private Limited and IIFL Securities Ltd were the book-running lead managers for the IPO, while Link Intime India Private Ltd served as the issue’s registrar.
The proceeds from the offer for sale will go to the selling shareholders in proportion to the shares they each sold, with the company not gaining any direct financial benefit from the IPO itself. This structure allowed promoters to monetize their investments while providing the public with an opportunity to participate in ECOS Mobility’s growth story.
ECOS Mobility IPO GMP Today
The ECOS Mobility IPO grey market premium (GMP) is currently +126, signaling a strong interest from the secondary market. According to market observers, this premium indicates that ECOS Mobility share price was trading at a significant premium in the grey market. Considering the IPO price band’s upper end and the current GMP, the estimated listing price of ECOS Mobility shares was ₹460 per share, approximately 37.72% higher than the IPO price of ₹334.
Over the past 14 trading sessions, the IPO GMP has shown upward momentum, ranging from ₹0 to ₹194, reflecting investor optimism. This consistent rise in the grey market premium highlights the market’s positive sentiment and the anticipation of a strong listing for ECOS Mobility share price.
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Disclaimer: The above article is for informational purposes only and should not be construed as investment advice. Market Newsly does not guarantee the accuracy or completeness of the information provided. Please consult with a financial advisor before making any investment decisions.
