ECOS (India) Mobility & Hospitality IPO Price: ₹318 to ₹334 per share
IPO Dates: 28 August 2024 – 30 August 2024
Company Overview
Incorporated in February 1996 as “ET TRAV-AIDES Pvt. Ltd” and rebranded to “ECOS (India) Mobility & Hospitality Ltd” in 2024, the company is a leading provider of chauffeured car rentals (CCR) and employee transportation services (ETS) in India. With over 25 years of experience, ECOS serves a wide range of corporate clients, including several Fortune 500 companies.
Business Operations and Services
ECOS primarily offers chauffeur-driven car rentals and employee transportation services. The company operates a fleet of over 12,000 vehicles, including economy cars, luxury cars, mini vans, luxury coaches, luggage vans, limousines, vintage cars, and accessible transportation for people with disabilities. Additionally, ECOS provides self-driven car rental services in Delhi, Gurugram, Mumbai, and Bengaluru, as well as for international clients through a network of global vendors.
Geographical Reach
As of March 31, 2024, ECOS has a pan-India presence across 109 cities in 21 states and four union territories. The company operates directly and through vendors, with 94.19% of its fleet managed by vendors and 5.81% owned by the company. ECOS also caters to the global car rental needs of its corporate clients, with the ability to provide services in over 30 countries.
Clientele
ECOS’s diverse clientele includes prominent organizations across various sectors such as IT, consulting, BPO, e-commerce, healthcare, and pharmaceuticals. Notable clients include InterGlobe Aviation Limited (Indigo), HCL Corporation Private Limited, Deloitte Consulting India Private Limited, IndusInd Bank Limited, HDFC Life Insurance Company Limited, Walmart Global Tech, and many others.
Operational Highlights
In Fiscal 2024, ECOS served the CCR and ETS needs of over 1,100 organizations in India, completing more than 3.1 million trips, averaging over 8,400 trips per day. The company has seen significant growth in bookings for premium vehicles, with a 28.53% increase in CCR bookings from Fiscal 2022 to Fiscal 2024.
Competitive Strengths
- Market Leadership: ECOS is India’s largest and most profitable chauffeur-driven mobility provider in terms of revenue and profit after tax for Fiscal 2023.
- Extensive Pan-India Presence: Operating in 109 cities across the country.
- Strong Brand and Reputation: Established over years through consistent service and operational excellence.
- Technology-Driven Operations: A comprehensive technology ecosystem supports superior operational capabilities.
- Robust Financial Performance: Consistent revenue growth and profitability.
Fleet and Operations Model
ECOS operates on an asset-light model, utilizing both owned and vendor-operated vehicles to maintain flexibility and scalability in its fleet management. The company’s diverse vehicle offerings cater to a wide range of client needs, from economical to luxury transportation.
Bidding Starts In
ECOS (India) Mobility & Hospitality IPO Specifics:
| IPO Date | August 28, 2024 to August 30, 2024 |
| Listing Date | Wednesday, September 4, 2024 |
| Face Value | ₹2 per share |
| Price Band | ₹318 to ₹334 per share |
| Lot Size | 44 Shares |
| Total Issue Size | 18,000,000 shares (aggregating up to ₹601.20 Cr) |
| Offer For Sale | 18,000,000 shares (aggregating up to ₹601.20 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 60,000,000 |
| Share holding post issue | 60,000,000 |
ECOS (India) Mobility & Hospitality IPO Timetable (Important Dates)
| IPO Open Date | Wednesday, August 28, 2024 |
| IPO Close Date | Friday, August 30, 2024 |
| Basis of Allotment | Monday, September 2, 2024 |
| Initiation of Refunds | Tuesday, September 3, 2024 |
| Credit of Shares to Demat | Tuesday, September 3, 2024 |
| Listing Date | Wednesday, September 4, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 30, 2024 |
ECOS (India) Mobility & Hospitality IPO Lot Size
Bidders have the opportunity to bid for a minimum of 44 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 44 | ₹14,696 |
| Retail (Max) | 13 | 572 | ₹1,91,048 |
| S-HNI (Min) | 14 | 616 | ₹2,05,744 |
| S-HNI (Max) | 68 | 2,992 | ₹9,99,328 |
| B-HNI (Min) | 69 | 3,036 | ₹10,14,024 |
ECOS (India) Mobility & Hospitality IPO Reservation
| QIB Shares Offered | Not more than 50% of the Net offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
ECOS (India) Mobility & Hospitality Limited IPO Financial Information
ECOS (India) Mobility & Hospitality Limited witnessed a substantial 34% growth in revenue and a remarkable 43% surge in profit after tax (PAT) from the fiscal year ending on March 31, 2023, to the fiscal year ending on March 31, 2024.
| Period Ended | 31 Mar 2022 | 31 Mar 2023 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 112.38 | 229.71 | 296.66 |
| Revenue | 151.55 | 425.43 | 568.21 |
| Profit After Tax | 9.87 | 43.59 | 62.53 |
| Net Worth | 71.56 | 115.13 | 177.41 |
| Reserves & Surplus | 71.5 | 115.07 | 165.41 |
| Total Borrowing | 3.34 | 32.95 | 21.72 |
Key Performance Indicator – ECOS (India) Mobility & Hospitality IPO
| KPI | Values |
|---|---|
| Market Cap | ₹ 2,004 Cr. |
| ROE | 42.75% |
| ROCE | 42.88% |
| EPS | ₹10.42 |
| P/E (x) | 32.05 |
| Debt/ Equity | 0.12 |
| RoNW | 42.75% |
| P/BV | 11.3 |
Objects of the Issue:
The company will not receive any proceeds directly from the Offer, and all the Offer Proceeds will be received by the Selling Shareholders based on the number of Offered Shares they sell as part of the Offer.
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
