ECOS India Mobility and Hospitality IPO: Check Issue Date, Price, Lot Size & Company Financial

Q: When will ECO Mobility IPO open for subscription?

The IPO subscription window will open on August 28, 2024 .

IPO Details

Bidding Dates

28 Aug '24 - 30 Aug '24

Minimum Investment

₹ 14,696 / 1 Lots ( 44 Shares )

Price Range

₹318 - ₹334

Maximum Investment

₹ 191,048 / 13 Lots ( 572 Shares )

Retail Discount

Not Applicable

Issue Size

₹ 601.20 Cr

Investor category and sub category

Qualified Institutional Buyers (QIBs) | Non-Institutional Investors (NIIs) | Non-Institutional Bidders (NIBs) |

ECO Mobility IPO Dates

Important dates with respect to IPO allotment and listing

IPO Open Date

Aug 28, 2024

IPO Close Date

Aug 30, 2024

Basis of Allotment

Sep 2, 2024

Initiation of Refunds

Sep 3, 2024

Listing Date

Sep 4, 2024

About ECOS India Mobility and Hospitality Limited

ECO Mobility stands as the leading chauffeur-driven mobility provider in India, particularly in terms of revenue from operations and profit after tax for Fiscal 2023. The company has been a pioneer in the corporate transportation sector, specialising in Chauffeured Car Rentals (CCR) and Employee Transportation Services (ETS).

With over 25 years of experience, ECO Mobility has established itself as a trusted partner for corporate clients, including some of the world’s largest companies, such as 42 Fortune 500 companies and 60 BSE 500 companies. The CCR segment operates on a B2B2C model, where corporate clients are the primary customers, and their employees, clients, guests, or visitors are the end users.

The ETS segment, on the other hand, provides comprehensive solutions for managing employees' daily home-office-home transportation needs. As of March 31, 2024, ECO Mobility had an extensive pan-India presence, operating in 109 cities across 21 states and 4 union territories. The company's deep-rooted network showcases its extensive reach and penetration into diverse regions across the country.

Operations in 97 cities are conducted through vendor partnerships, underscoring the company's asset-light model, which keeps its owned fleet minimal compared to vehicles sourced from vendors. ECO Mobility's fleet consists of over 12,000 vehicles, ranging from economy to luxury cars, mini-vans, and specialty vehicles like limousines, vintage cars, and vehicles equipped for accessible transportation for people with disabilities.

In Fiscal 2024, ECO Mobility serviced the CCR and ETS requirements of more than 1,100 organisations across India, completing over 3.1 million trips, averaging more than 8,400 trips per day. The company also addresses the global car rental needs of its corporate customers, leveraging a network of vendors to provide CCR services in over 30 countries. Additionally, ECO Mobility offers self-drive car services in key Indian cities such as Delhi, Gurugram, Mumbai, and Bengaluru, and even extends this service internationally through vendors.

The company has developed custom online booking tools for certain customers, integrated its API with clients’ travel desk platforms, and introduced mobile applications for both customers and chauffeurs. These technological advancements have improved operational efficiency, ensuring accuracy, reliability, and transparency in service delivery. The company’s backend transport management system, RentNet, handles all aspects of reservations, operations, car tracking, incident management, billing, vendor payments, and car maintenance.

Industry Outlook:

The Employee Transportation Services (ETS) market is projected to grow from ₹503.5 billion in CY2023 to ₹1,097.6 billion by CY2030, reflecting a strong CAGR of 11.8%, driven by the expanding corporate sector and increasing demand for organised employee transportation solutions.
The Corporate Car Rental (CCR) market is expected to grow from ₹392.4 billion in CY2023 to ₹731.8 billion by CY2030, with a CAGR of 9.3%, fueled by rising corporate travel needs and a shift towards premium, chauffeur-driven services.
The organised sector within corporate mobility is gaining traction, with market share expected to grow from 15% in CY2023 to 18% by CY2030. This shift is driven by the need for reliable, accountable services that large, organised players can provide.

ECO Mobility IPO Objectives

The company will not directly receive any proceeds from the offer; instead, all the offer proceeds will go to the selling shareholders, distributed in proportion to the shares they sell as part of the offer.

Peer Details

As per DRHP, the following are the listed peers of ECO Mobility Limited that are engaged in similar business:

Wise Travel India Limited
Shree OSFM EMobility Limited

How to Check the Allotment Status of the ECO Mobility IPO?

Steps to check IPO allotment status on Angel One’s app:

Log in to the Angel One app
Go to the Individual order details page of the IPO that you had applied for.
Check the IPO allotment status. As such, Angel One will notify you of your IPO allotment status via push notification, email and SMS.

Contact Details of ECO Mobility Limited IPO

Registered office: 45, First Floor, Corner Market, Malviya Nagar, New Delhi-110017
Phone: +91 11 41326436
E-mail: legal@ecorentacar.com

IPO Financials

Particulars	Year ending on March 31, 2024	Year ending on March 31, 2023	Year ending on March 31, 2022
Revenue From Operations (in ₹ million)	5,544.11	4,226.76	1,473.44
Profit After Tax (PAT) (in ₹ million)	625.31	435.91	98.71
Cash & Cash Equivalents (in ₹ million)	(24.71)	(45.95)	79.44
Net Worth (in ₹ million)	1,774.12	1,151.25	715.64
EBITDA (in ₹ million)	899.63	697.27	180.51
Return on Capital Employed (RoCE) (%)	42.88	40.90	19.07
Return on Equity (ROE) (%)	42.75	46.70	14.80

Know before investing

Strengths

ECO Mobility stands as India’s largest and most profitable chauffeur-driven mobility provider, leading in revenue and profit after tax for Fiscal 2023.
With over 25 years of experience, the company offers seamless corporate transportation through its extensive fleet of over 12,000 vehicles.
The company operates across 109 cities in India, maintaining a large fleet and a presence in both ETS and CCR markets.
The company’s premium cab services cater to businesses prioritising employee well-being, with a focus on comfort and safety.
ECO Mobility’s asset-light model and strategic vendor partnerships enhance operational efficiency and profitability.
ECO Mobility’s expansion into Tier-II and Tier-III cities reflects its strategy to tap into growing markets and meet increasing demand for corporate mobility solutions.

Risks

ECO Mobility faces risks of service quality lapses, which could lead to cancellations and damage the company’s reputation and financial performance.
The company’s dependence on third-party vendors for vehicles and chauffeurs exposes them to risks from adverse changes in these relationships.
Failure to meet stringent customer agreements could result in significant penalties for ECO Mobility, impacting its profitability.
ECO Mobility’s reliance on a few key customers without long-term contracts poses a risk of sudden revenue loss if contracts are not renewed.
Negative customer experiences or adverse incidents could damage the company's brand and reputation, leading to a decline in demand.
Rising operational costs and intense competition could erode ECO Mobility's profitability, threatening its market position.