ECOS Mobility IPO listing date today; GMP, experts signal strong debut of shares on BSE, NSE

ECOS Mobility IPO Listing: ECOS (India) Mobility & Hospitality Ltd is set to make its stock market debut today after the conclusion of its initial public offering (IPO). ECOS Mobility IPO listing date is today and the shares will be listed on both the stock exchanges - BSE and NSE.

ECOS Mobility IPO opened on August 28 and closed on August 30. The IPO allotment was finalised on Tuesday and the investors who have received share allotment look out for the ECOS Mobility IPO listing today.

“Trading Members of the Exchange are hereby informed that effective from Wednesday, September 4, 2024, the equity shares of ECOS (India) Mobility & Hospitality Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities,” a notice on BSE said.

ECOS Mobility shares will be a part of Special Pre-open Session (SPOS) on Wednesday and the stock will be available for trading from 10:00 am.

Investors watch out for ECOS Mobility IPO GMP, or grey market premium, ahead of the listing to gauge the estimated ECOS Mobility share listing price. Ahead of ECOS Mobility share listing, the ECOS Mobility IPO GMP today signals a strong debut of shares.

Here’s what ECOS Mobility IPO GMP and experts suggest about the estimated listing price:

ECOS Mobility IPO GMP

ECOS Mobility shares are commanding a decent premium in the unlisted market. According to stock market experts, ECOS Mobility IPO GMP today ahead of share listing is ₹161 per share. This signals that the ECOS Mobility shares are trading higher by ₹161 apiece than its IPO price in the grey market.

Looking at the ECOS Mobility IPO GMP today and the issue price, the estimated ECOS Mobility IPO listing price is ₹495 per share, which is at a premium of 48% to the IPO price of ₹334 per share.

ECOS Mobility IPO Estimated Listing Price

Analysts expect ECOS Mobility shares to make a strong debut on stock exchanges today. They expect the ECOS Mobility share listing to be at a premium of around 40% - 45%.

“ECOS (India) Mobility & Hospitality Limited, a leading chauffeur-driven car rental service provider, is set for a strong stock market debut. The IPO has garnered significant investor interest, evidenced by a robust subscription rate of 64.18 times and a substantial grey market premium (GMP) of ₹160 (47.90%). 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. However, the strong market demand for the IPO, as reflected in the subscription rate and GMP, suggests a potential for a positive listing,” said Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.

ECOS boasts a strong market position, long-standing customer relationships, and a pan-India presence. While the company has demonstrated top-line growth, profitability has declined. It's important to note that this is a complete offer for sale, meaning the company will not receive any additional funds from the IPO, she added.

Prashanth Tapse, Senior VP (Research), Mehta Equities noted that despite valuations placed slightly on the higher side and 100% OFS, ECOS India managed to receive a healthy response on the last day of the issue from all types of investors especially from QIB Category who demanded 136x times to the limit.

“Considering market mood and sectorial high-growth factors, we can expect a decent listing gain over and above 20% against the issue price of ₹334 per share. We had recommended our investors to “Subscribe with risk” which can generate decent listing gains over and above 20% on the issue price on the back of market optimism,” Tapse said.

Owing to the robust demand ECOS Mobility IPO gathered, Akriti Mehrotra, Research Analyst, StoxBox expects the issue to list at a premium of 45% over its upper band price.

“As the industry embraces digital solutions, ECOS is well-positioned to leverage its operational excellence and advanced technology for continued growth and leadership. The company’s financials show robust growth over three fiscal years, with total revenue increasing from ₹1,473.4 million in FY22 to ₹5,544.1 million in FY24, reflecting a CAGR of approximately 94.0%. EBITDA and PAT also saw significant rise during FY2022-24 period, with a CAGR of approximately 123.2% and 151.7%, respectively, to reach ₹899.6 million and ₹625.3 million,” Mehrotra said.

ECOS Mobility IPO Details

ECOS Mobility IPO opened for subscription on Wednesday, August 28, and closed on Friday, August 30. The IPO allotment date was September 2, and the ECOS Mobility IPO listing date is today, September 4. ECOS Mobility shares are being listed on both the stock exchanges, BSE and NSE.

The chauffeured car rental service providing company, ECOS (India) Mobility & Hospitality Ltd, raised ₹601.20 crore from the book-built issue which was entirely an offer for sale (OFS) of 1.8 crore equity shares, sold at a price band of ₹318 to ₹334 per share.

As per the ECOS Mobility IPO subscription status, the mainboard IPO was heavily oversubscribed led by strong demand from investors. ECOS Mobility IPO was subscribed 64.26 times. The retail segment received 19.79 times subscription, while the Non Institutional Investors (NII) segment saw 71.23 times subscription. The Qualified Institutional Buyers (QIBs) category was booked 136.85 times.

Equirus Capital Pvt Ltd and IIFL Securities Ltd are the book running lead managers of the ECOS Mobility IPO, while Link Intime India Private Ltd is the IPO registrar.

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