The IPO has attracted significant investor interest, with a robust subscription rate of 64.18 times. Since the issue is entirely an OFS, the company will not receive any proceeds; the entire amount will go to the selling shareholders.
“The IPO’s valuation is on the higher side, based on the P/E ratio. Given the mixed financial performance and elevated valuation, investors may want to adopt a wait-and-see approach for the long term,” said Shivani Nyati, Head of Wealth, Swastika Investmart.
Ecos Mobility has been offering chauffeured car rentals and employee transportation services to corporate clients, including Fortune 500 companies in India, for over 25 years.
The company operates a fleet of over 9,000 vehicles, including economy cars, luxury cars, minivans, and luxury coaches. This fleet comprises various categories such as luxury vehicles (including brands like Audi, BMW, and Mercedes-Benz), economy vehicles, premium vehicles, and buses/vans.Also Read: Naturewings Holidays IPO: Check issue size, price band, GMP among other detailsThe company serves clients across various industries, including information technology, business process outsourcing, global capability centers (GCCs), consulting, healthcare, e-commerce, pharmaceuticals, legal services, and manufacturing. Notable clients include HCL Corp, HDFC Life, Thomas Cook India, and WM Global Tech, among others.In FY24, the company’s revenue from operations rose 31% year-on-year (YoY) to Rs 554 crore, while profit after tax (PAT) increased 43% to Rs 62.5 crore in the same period.
Equirus Capital and IIFL Securities acted as the book-running lead managers to the issue.
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