ECOS (India) Mobility & Hospitality, a chauffeur-driven car rental service provider, is set to finalize the basis of allotment for its IPO on Monday, following a strong response from investors. The IPO, which was open for bidding between August 28 and August 30, was oversubscribed by 64.26 times. Despite concerns surrounding the IPO being entirely an offer-for-sale, brokerages are positive and advising investors to subscribe for the long term. The tentative listing date for the shares is September 4.
The allotment for ECOS Mobility IPO will be announced on September 2nd, with investors able to check their status on Link Intime India and the BSE website. The IPO was subscribed 64.26 times, with institutional buyers leading the way at 136.85 times. Those allotted shares can expect debit messages soon, with steps outlined to check allotment status.
The initial public offering of ECO Mobility Limited received an impressive response from investors, with the public issue being oversubscribed by more than 60 times. The IPO, which offered 1,26,00,000 shares, received bids for a staggering 80,86,90,256 shares. Investors who have applied for the IPO can now check their allotment status online through either the BSE website or the website of Link Intime India Private Ltd, the registrar for the issue.