ECOS Mobility Shares Surge 16.77% to ₹391 on Listing, Exceeding IPO Price of ₹334
The shares of ECOS Mobility and Hospitality Limited were listed on the market with a 16.77% premium. The stock was listed on the NSE at ₹390 and on the BSE at ₹391.3. The issue price was ₹334. The IPO was open from August 28 to 30.
The Company Raised ₹601.20 Crore Through This Issue
ECOS Mobility and Hospitality raised a total of ₹601.20 crore through this issue. The company’s existing investors sold 18,000,000 shares worth ₹601.20 crore through an offer for sale. No new shares were issued in this IPO.
35% of the Issue Was Reserved for Retail Investors
The company reserved 50% of the issue for Qualified Institutional Buyers (QIB). Additionally, 35% of the shares were reserved for retail investors, and the remaining 15% were reserved for Non-Institutional Investors (NII).
The Company Provides Employee Transportation Services
ECOS Mobility and Hospitality Limited provides car rental and employee transportation services to corporate clients. With over 25 years of experience, the company operates in more than 100 cities across the country.
What is an IPO?
When a company issues its shares to the general public for the first time, it is called an Initial Public Offering (IPO). A company may need funds to expand its business. Instead of taking loans from the market, the company raises money by selling some of its shares to the public or by issuing new shares. To do this, the company brings an IPO.
