ECOS Mobility IPO day 3: GMP, subscription status to review. Apply or not?

ECOS Mobility IPO: The initial public offering (IPO) of ECOS (India) Mobility & Hospitality Limited hit the Indian primary market on 28th August 2024, and it will remain open for bidders until 30th August 2024. So, bidding for the ECOS Mobility IPO ends today, and applicants have just one day to apply for the public issue worth ₹601.20 crore. The company has fixed the ECOS Mobility IPO price band at ₹318 to ₹334 per equity share, and the book build issue is proposed for listing on the BSE and NSE. The company aims to generate ₹601.20 crore, ultimately an Offer for Sale (OFS). According to the ECOS Mobility IPO subscription status, after two days of bidding, the public offer received a strong response from investors.

Meanwhile, the grey market continues to signal a substantial premium for the ECOS Mobility IPO. According to stock market observers, shares of ECOS Mobility Limited are available at a premium of ₹155 in the grey market today.

ECOS Mobility IPO GMP today

As mentioned above, today's ECOS Mobility IPO GMP (Grey Market Premium)is ₹155, ₹6 lower than Thursday's ECOS Mobility IPO GMP of ₹161. This dip in the ECOS Mobility IPO grey market premium is negligible. They said that secondary market sentiments are bullish, and the public issue has received a strong response from the primary market investors. So, the positive bias regarding the ECOS Mobility IPO is expected to continue.

ECOS Mobility IPO subscription status

By 3.51 PM on day three of bidding, the book build issue had been booked 63.71 times, the ECOS Mobility IPO retail portion had been subscribed 18.82 times, the NII segment had been filled 70.93 times, and the QIB portion had been subscribed 136.85 times.

ECOS Mobility IPO review

Ventura Securities has assigned a 'subscribe' tag to the public issue, saying, “As of March 31, 2024, the company had established a pan-India presence in 109 cities, utilizing its vehicles and vendors across 21 states and four union territories, underscoring its extensive footprint and penetration into diverse regions. The company's operations in 97 cities are conducted through vendors. During Fiscal 2024, it serviced the CCR and ETS needs of more than 1,100 organizations in India, completing over 3,100,000 trips, which averages more than 8,400 daily trips.”

Nirmal Bang has also assigned a 'subscribe' tag to the book build issue, saying, "ECOS India Mobility & Hospitality Limited, the largest and most profitable chauffeur-driven mobility provider in India, has a strong market position with operations in 109 cities. Its asset-light business model and focus on technological advancements drive profitability and operational efficiency. The company's superior financial metrics include. EBITDA margins of 16.3%, high ROCE and ROE of 41.2% and 35.7%, respectively. It's consistent performance and strategic expansion; we recommend subscribing to the issue."

In addition, some leading brokerages, such as Anand Rathi, BP Equities, Geojit Securities, GEPL Capital, Marwadi Shares and Finance, and SMIFS, have also assigned the public offer a 'subscribe' tag.

ECOS Mobility IPO details

The ECOS Mobility IPO allotment date is likely 31st August 2024 or 2nd September 2024. This means share allocation can be expected on Saturday this week or on Monday next week. In the wake of the ‘T+3’ listing rule, expected ECOS Mobility IPO listing date is 4th September 2024 i.e. on Wednesday next week.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.