Ecos Mobility IPO Kicks Off on August 28

Ecos (India) Mobility & Hospitality Ltd. is gearing up for its big IPO debut, kicking off on August 28, 2024. The offer will be open until August 30, 2024. If you’re thinking of jumping in, the company has set a price range of Rs.318 to Rs.334 per share. Investors will need to buy a minimum of 44 shares, but you can add more in multiples of 44.

All About the Offer

This IPO is an offer-for-sale (OFS), which means it’s all about the promoters cashing in on their shares. Rajesh Loomba and Aditya Loomba will be selling up to 1.80 crore equity shares between them. Because it’s an OFS, Ecos Mobility itself won’t see any of the IPO proceeds; all the money will go directly to the selling shareholders.

Company Overview

Ecos Mobility is a major player in the chauffeur-driven car rental market across India. By the end of FY24, they had expanded their operations to 109 cities and served over 1,100 organizations. Their fleet boasts more than 12,000 vehicles, including economy cars, luxury rides, mini-vans, and even specialty vehicles like limousines and vintage cars. They’ve been busy, completing over 3.1 million trips last year—averaging around 8,400 trips per day.

Financial Performance

When it comes to numbers, Ecos Mobility had a solid year. For FY24, they reported a revenue of Rs.554 crore, which is a 31% increase from the Rs.422 crore they made in FY23. Their net profit also saw a major boost, hitting Rs.62.53 crore, up 43% from the previous year’s Rs.43.59 crore.

Conclusion : What’s Next? The shares are set to start trading on September 4, 2024, and will be listed on both BSE and NSE. As Ecos Mobility IPO approaches, investors will be watching closely to see how it performs. Given Ecos Mobility’s track record and extensive market presence, it’ll be interesting to see how much interest this IPO generates.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.