Ecos (India) Mobility & Hospitality Limited has filed its draft red herring prospectus (DRHP) with the capital markets regulator Sebit to launch an initial public offering of up to 1,80,00,000 equity Shares of Face Value of Rs 2 each. The issue is entirely an offer-for-sale (OFS) by its promoters Rajesh Loomba and Aditya Loomba, who will offload 99,00,000 equity shares and 81,00,000 equity shares, respectively.
The company has been providing chauffeured car rentals (CCR) and employee transportation services (ETS) services to corporate customers for more than 25 years. As per the F&S report, Ecos Mobility is the largest and most profitable chauffeur driven mobility provider to corporates in India, in terms of revenue from operations and profit after tax for fiscal year 2022-2023.
Eco Mobility operates a fleet of more than 9,000 economy to luxury cars, minivans and luxury coaches which consists of various categories such as luxury vehicles (Audi, BMW and Mercedes-Benz), economy vehicles, premium vehicles and buses/vans. It also provides specialty vehicles such as luggage vans, limousines, vintage cars and vehicles for accessible transportation for people with disabilities.
It clientele includes names like HCL Corporation, HDFC Life Insurance, Thomas Cook India, WM Global Technology Services India (Walmart Global Tech), VRB Consumer Products, Pinkerton Corporate Risk Management, MedGenome Labs, Dreamfolks Services, Mercer Consulting, FNF India (Fidelity), exl Service.com (India) and VA Tech Wabag Limited.
Ecos (India) Mobility reported a net profit of Rs 30.41 crore with an operational revenue of Rs 268.51 crore for the six months ended on September 30, 2023. For the financial year ended on March 31, its net profit came in at Rs 43.59 crore with a revenue from operations at Rs 422.68 crore.
The company has reserved 50 per cent of the net offer for qualified institutional investors (QIBs), while non-institutional investors (NIIs) will have 15 per cent of shares reserved for them. Retail investors will have 35 per cent of the net issue reserved for them.
Equirus Capital and IIFL Securities are the book running lead managers to the issue of Ecos (India) Mobility & Hospitality, while Link Intime India is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE.
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