Ecos (India) Mobility and Hospitality Limited, a prominent chauffeur-driven mobility provider based in Delhi, has filed its Red Herring Prospectus (RHP) with the Securities and Exchange Board of India (SEBI), signaling its intent to go public. The company is set to offer 18 million equity shares through an offer for sale. Here’s an in-depth look at the IPO details, financial performance, and upcoming dates.

IPO Details and Structure

The Ecos (India) Mobility IPO is structured as a complete offer for sale, meaning that the company will not directly receive any proceeds from the offering. Instead, all funds will be received by the selling shareholders.

* Offer Size: The IPO involves the sale of up to 18 million equity shares with a face value of Rs 2 each.

* Promoter Shareholding: Key promoters, Rajesh Loomba and Aditya Loomba, will be selling 9.9 million and 8.1 million shares, respectively. This move will enable them to liquidate a portion of their holdings in the company.

IPO Timeline

* Price Band Announcement: The IPO price band will be announced on August 23, 2024.

* Anchor Book Launch: The anchor book is scheduled to open on August 27, 2024. Anchor investors will have the opportunity to commit to a portion of the issue before it opens to the public.

* Public Subscription Period: The IPO will be open for public subscription from August 28, 2024 to August 30, 2024. During this period, retail and institutional investors will be able to subscribe to the shares.

Lead Managers and Registrar

* Book-Running Lead Managers: The IPO is managed by Equirus Capital Private Limited and IIFL Securities Limited, who will oversee the issuance process.

* Registrar: Link Intime India Pvt Ltd has been appointed as the registrar for the IPO, handling the allotment and distribution of shares.

Company Overview

Ecos (India) Mobility and Hospitality Limited is engaged in providing chauffeured car rentals (CCR) and employee transportation services (ETS). With a significant presence across India, the company operates in 109 cities, covering 21 states and 4 union territories through its fleet and vendor network.

Financial Performance

* Revenue Growth: The company reported a revenue of Rs 554 crore for the financial year ending FY24, reflecting a robust 31 percent increase from Rs 422 crore in FY23.

* Profitability: IGI India achieved a net profit after tax of Rs 62.531 crore for FY24, a substantial 43 percent increase from Rs 43.591 crore in the previous year.

* Operational Efficiency: The company’s strong financial performance is attributed to its expanding operations and effective management strategies.

* Strategic Goals and Utilization of Funds

Although this IPO is an offer for sale and does not directly fund the company, the move is strategic for the promoters to liquidate their investments. This step reflects a broader strategy to enhance liquidity and potentially align with the company’s future growth plans.

Conclusion

The upcoming IPO of Ecos (India) Mobility and Hospitality Limited represents a significant development in the Indian chauffeur-driven mobility sector. With a substantial offer size and strong financial performance, the IPO is expected to attract significant investor interest. As the company prepares for its public debut, stakeholders and potential investors will be keenly watching the developments and the final price band announcement.

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