ECOS Mobility IPO:On Monday, September 2, ECOS (India) Mobility & Hospitality is scheduled to conclude the allocation methodology for its shares. By Tuesday, September 3, bidders will receive emails, notifications, or alerts about the debiting of their funds or the revocation of their IPO mandate. Investor response to the mobility solutions company was very positive.
Bidding for ECOS (India) Mobility & Hospitality’s initial public offering (IPO) took place from August 28 to August 30. With a lot size of 44 shares, shares were offered in a fixed price range of ₹318–334 per share. With its first public offering (IPO), which consisted only of an offer-for-sale (OFS) of 1.80 crore equity shares, the company raised a total of ₹601.20 crore.
A significant push from qualified institutional bidders (QIBs), whose quota was subscribed 136.85 times, resulted in the issue being subscribed a total of 64.26 times. A total of 71.23 subscriptions were made to the non-institutional investor quota, and 19.79 bids were placed on the retail investor component of the quota.
As the offer closed for bidding, the grey market premium (GMP) for ECOS (India) Mobility & Hospitality was adjusted. When last heard, the company was asking a premium of between ₹150 and 155 per share, indicating a less than 45% listing gain for investors. However, before the issue was up for bids, it was between ₹190 and ₹195.
ECOS (India) Mobility & Hospitality is an Indian provider of chauffeur-driven automobile rental services, having been incorporated in February 1996. The company’s main lines of business are employee transportation and chauffeured automobile rentals, both located in New Delhi. It provides corporate services to clients, which include Indian Fortune 500 organizations.
Brokerages gave investors long-term subscription advice, noting the company’s significant market position, enduring customer relationships, pan-India presence, and steady financial performance. Brokerages were generally favorable on the matter. Concerns about dependence on significant clients, vendor relationships, client satisfaction, and the fact that the IPO is wholly OFS still exist, nevertheless.
The ECOS (India) Mobility IPO’s registrar is Link Intime, and the book-running lead managers are Equirus Capital and IIFL Securities. The company’s shares are anticipated to be listed on the BSE and NSE, with a tentative listing date of Wednesday, September 4.
By taking the following actions on the Bombay Stock Exchange (BSE) website, investors who place a bid in the ECOS (India) Mobility & Hospitality IPO can access the allotment status:
1.Check the allocation status on BSE’s website.
2.”Equity” should be selected under “Issue Type.”
3.Click “Issue Name” and choose “ECOS (India) Mobility & Hospitality Limited.”
4.Type the application number in here.
5.Add the PAN card number.
6.Click the search button after completing the captcha.
By taking the following actions on the Link Intime India website, the issue registrar, investors can also verify the status of their allotment:
1.Check your allotment status by visiting Link Intime.
2.Choose the IPO/FPO option from the drop-down menu (the name will only show up once the allotment is confirmed).
3.Select a mode, such as the PAN ID, Demat Account number, or Application number.
4.Choose between non-ASBA and ASBA under the application type.
5.Using the mode that was chosen in Step 3, enter the information.
6.Fill out the captcha correctly.
7.Click “Submit”
All applications must be electronically processed by the registrar, a SEBI-registered business, and the allotment procedure must be completed in accordance with the prospectus. Timeliness in updating the electronic credit of shares to approved applicants, sending and uploading refunds, and responding to investor inquiries after the offer are all monitored by the registrar.
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