Ecos India IPO Day 3: Public Offer Gets Total Bids Of Over 1400%; NII Leading With Over 37 Times Subscription On Final Day

The last day of bidding, the Ecos (India) Mobility & Hospitality IPO, has received 14.61 subscriptions thus far on Friday, August 30. Out of the 1,26,00,000 shares that were offered, bids for 18,40,43,288 shares were received.

Non-institutional investors (NIIs) led the bidding, subscribing 37.19 times the quota. Qualified Institutional Buyers (QIBs) received 83 per cent of the subscription, while retail investors received 12.80 times the amount.

An offer for sale (OFS) of 1.80 crore shares is what the IPO is. The proceeds from the public offering, which is only an OFS, will go to the promoters who are selling equity shares. There will be no IPO proceeds received by the Delhi-based company.

Price band and offer size

The aim of ECOS (India) Mobility is to raise RS 601.2 crore through its initial public offering. The only part of the mainboard issue is the offer to sell 1.8 crore shares.

The promoters of the company, Rajesh and Aditya Loomba, are the selling shareholders in the OFS; they plan to sell up to 99,000,000 and 81 lakh shares, respectively.

The ECOS (India) Mobility IPO had a price band of Rs 318 to Rs 334 per share. Retailers may place bids of up to Rs 14,696 for a minimum lot of up to 44 shares.

Listing and subscription timetable

August 30 is the deadline for ECOS (India) Mobility IPO subscriptions. The IPO share allotment status is expected to be finalized on Monday, September 2. Shares will be credited to the Demat accounts of winning bidders on September 3, and refunds for losing bidders will begin on the same day.

September 4 has been tentatively scheduled as the date of ECOS (India) Mobility's initial public offering. The BSE and NSE will list the company's shares.