ECOS (India) Mobility IPO allotment status: Check application status, GMP & listing date

ECOS (India) Mobility & Hospitality is set to finalize the basis of allotment for its shares on Monday, September 2. Bidders will receive messages, alerts, or emails regarding the debit of their funds or revocation of their IPO mandate by Tuesday, September 3. The mobility solutions provider received a strong response from investors.

The IPO of ECOS (India) Mobility & Hospitality was open for bidding between August 28 and August 30. Shares were offered in a fixed price band of ₹318-334 per share with a lot size of 44 shares. The company raised a total of ₹601.20 crore through its IPO, which was entirely an offer-for-sale (OFS) of 1.80 crore equity shares.

The issue was overall subscribed a total of 64.26 times, driven by a strong push from qualified institutional bidders (QIBs), whose quota was subscribed 136.85 times. The quota for non-institutional investors was subscribed 71.23 times, while the portion reserved for retail investors saw bidding 19.79 times during the process.

The grey market premium (GMP) for ECOS (India) Mobility & Hospitality has seen a correction as the issue closed for bidding. Last heard, the company was commanding a premium of ₹150-155 per share, suggesting a listing gain of less than 45% for investors. However, it was around ₹190-195 before the issue opened for bidding.

Incorporated in February 1996, ECOS (India) Mobility & Hospitality is a chauffeur-driven car rental service provider in India. The New Delhi-based company's primary business is providing chauffeured car rentals and employee transportation services. It serves corporate clients, including Fortune 500 companies in India.

Brokerages were mostly positive on the issue, advising investors to subscribe for the long term, citing the company's strong market share, long-term customer relationships, pan-India presence, and consistent financial performance. However, concerns remain regarding client satisfaction, vendor relationships, dependence on major customers, and the fact that the IPO is entirely an OFS.

Equirus Capital and IIFL Securities are the book-running lead managers for the ECOS (India) Mobility IPO, while Link Intime is the registrar for the issue. Shares of the company are expected to be listed on both BSE and NSE, with Wednesday, September 4, as the tentative listing date.

Investors who bid for the ECOS (India) Mobility & Hospitality IPO can check the allotment status on the Bombay Stock Exchange (BSE) website by following these steps:

• Visit BSE's Allotment Status Check
• Under the "Issue Type," select "Equity"
• Under the "Issue Name," select "ECOS (India) Mobility & Hospitality Limited"
• Enter the application number
• Add the PAN card ID
• Complete the captcha and hit the search button

Investors can also check the allotment status on the online portal of Link Intime India, the registrar to the issue, by following these steps:

• Visit Link Intime's Allotment Status Check
• Select the IPO/FPO from the dropdown menu (the name will appear only if the allotment is finalized)
• Choose one of the three modes: Application number, Demat Account number, or PAN ID
• In the application type, select either ASBA or non-ASBA
• Enter the details based on the mode selected in Step 3
• Accurately complete the captcha
• Hit submit

The registrar, a SEBI-registered entity, is responsible for electronically processing all applications and carrying out the allotment process as per the prospectus. The registrar ensures compliance with timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and addressing all investor-related queries post-issue.