On Wednesday, September 4, the shares of Ecos (India) Mobility and Hospitality made a respectable start on the stock market, listing for ₹390, a 16.77% premium on the NSE over the ₹334 IPO allotment price per share. In a similar vein, the shares opened trading on the BSE at ₹391.30, a 17% premium.
Half of the issue size went to qualified institutional investors, 35% went to retail investors, and the remaining 15% went to non-institutional investors.
Ecos (India) Mobility and Hospitality IPO Detail
A participant in the travel and hospitality industries, ECOS Mobility launched its initial public offering (IPO) on August 28 and closed its books on August 30. Strong interest for the IPO was demonstrated by the 64.26-fold oversubscription of the offering.
With a successful book-built issuance, the business raised Rs 601.20 crore at an IPO price range of Rs 318 to Rs 334 per share. The offering consisted of 1.8 crore equity shares, which is noteworthy because it suggests that the current shareholders wanted to sell their assets. In spite of this, the robust subscriber numbers indicate that the market believes ECOS Mobility’s stock has a significant amount of upside potential.
About ECOS (India) Mobility & Hospitality Limited
ECOS (India) Mobility & Hospitality Limited, an Indian company, was founded in February 1996 and offers chauffeur-driven automobile rentals. The company’s main lines of business are employee transportation services (ETS) and chauffeured vehicle rentals (CCR). Fortune 500 firms in India are among the major clientele that the organization has been providing these services to.
ECOS Mobility IPO GMP today
The gray market premium for ECOS Mobility’s IPO is + 126. This suggests that, according to market watchers, ECOS Mobility’s share price was trading at a premium of ₹126 on the black market. Taking into account the higher end of the IPO price range and the existing premium in the secondary market, the expected listing price of ECOS Mobility shares was ₹460 per share, representing a 37.72% increase over the ₹334 IPO price.
