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- By Aditya Pratap Singh
- Thu, 29 Aug 2024 07:00 PM (IST)
- Source:JND
The driver-driven mobility provider Echos (India) Mobility & Hospitality's initial public offering drew 9.55 times subscription on the second day of bidding on Thursday. According to NSE data, bids for 12,03,58,964 shares were received against 1,26,00,000 shares offered in the Rs 601 crore initial share sale. The segment was subscribed 23.47 times for non-institutional investors while the retail individual investor (RII) quota was subscribed 8.99 times. Qualified institutional buyers (QIBs) received 10 percent of the subscriptions.
On Wednesday, the Initial Public Offering (IPO) of Echos (India) Mobility & Hospitality was fully subscribed on the first day of bidding. Initial Share Sale Fully Offered for Sale (OFS) up to 1,80,00,000 equity shares. The price range of this IPO is Rs 318-334.
The company on Tuesday said it has raised Rs 180.36 crore from anchor investors. As the public issue is fully OFS, the Delhi-based firm will not receive any proceeds from the IPO and the money will go to the promoters who sold the shares.
The company has been providing chauffeured car rentals (CCR) and Employee Transportation Services (ETS) to corporate customers for over 25 years and t operates a fleet of over 9,000 vehicles ranging from economy to luxury cars.
There are also specialized vehicles such as luggage vans, limousines, vintage cars, and vehicles for accessible transport for persons with disabilities. Equirus Capital and IIFL Securities are the lead managers running the books of the offering. The company's shares will be listed on the BSE and NSE.
(With PTI's Input)