Aug 28, 2024
By: Sourabh Jain
Credit: ECO Mobility
New Delhi-based ECO Mobility’s initial public offering (IPO) will open on August 28 and will close on Thursday, August 30.
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ECO Mobility has fixed a price band of ₹318-₹334 per share for its public issue.
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ECO Mobility is a New Delhi-based chauffeur-driven car rental service provider and also offers employee transportation services.
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ECO Mobility is looking to raise ₹601.20 crore from the current IPO. This is completely an offer for sale (OFS) and there is no fresh issue.
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Investors can bid for a minimum of 44 shares and in multiples of 44 shares thereafter.
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The company, founded in 1996 offers chauffeur-driven car rental and employee transportation services to over 1,100 companies in India. The company currently focuses on Delhi, Gurugram, Mumbai, and Bengaluru.
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The company’s income was ₹568.21 crore in FY24, up from ₹425.43 crore in FY23. The company reported a profit of ₹62.53 crore in FY24, up from ₹43.59 crore loss reported in FY23.
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The company depends on vendors for vehicles and chauffeurs and any adverse changes in this relationship might have an adverse impact on its business.
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As this is an offer for sale, the funds raised will not be received by the company.
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