ECOS India Mobility IPO To Open On Aug. 28
ECOS (India) Mobility & Hospitality Ltd.'s initial public offering will open for subscription on Aug. 28 and will close on Aug. 30, showed the red herring prospectus for the offer. The company had filed a draft red herring prospectus with the Securities and Exchange Board of India in March 2024.
The proposed public offering consists entirely an offer for sale of 1.8 crore shares at a face value for the issue is Rs 2 per share. The IPO price band is yet to be announced.
Allotment for the IPO is expected to be finalised on Sept. 2. Shares of the company will list on BSE and NSE, with tentative listing date fixed on Sept. 4.
Promoters Rajesh Loomba and Aditya Loomba will be offloading their shares in the maiden share sale. Since the entire IPO is an OFS, net proceeds from the issue will go to the two selling promoters.
Equirus Capital Pvt., and IIFL Securities Ltd. are the lead book running managers, while Link Intime India Pvt. is the registrar for the issue.
Business
ECOS (India) Mobility & Hospitality is a chauffeur driven car rental service provider in India. The company's primary business is to provide chauffeured car rentals and employee transportation services. The company has been offering these services to corporate customers, including Fortune 500 companies in India, for more than 25 years.
As of March 31, 2024, the company had presence throughout India, operating in 109 cities, using its own vehicles and vendors. It was spread across 21 states and four union territories, showcasing its extensive reach and penetration into diverse regions across the country. The company offers self-driven cars in Delhi, Gurugram, Mumbai, and Bengaluru.
In fiscal 2024, ECOS (India) Mobility had served the CCR and ETS requirements of over 1,100 organisations in India.
The company provides services to customers operating in a range of industries including InterGlobe Aviation Ltd., HCL Corp., Deloitte Consulting India Pvt. and Thomas Cook India, among others.
They company saw its profit after tax rise 43.4% on annual basis to Rs 62.53 crore in the financial year ended March 31, 2024. Its revenue was up 31.2% to Rs 554 crore in March 31, 2024.
The company's listed peers include Wise Travel India Ltd. and Shree OSFM EMobility Ltd.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
