Ecos (India) Mobility’s IPO on August 28

New Delhi: Chauffeur-driven mobility provider Ecos (India) Mobility & Hospitality Ltd on Friday said it has fixed a price band of Rs318-334 per share for its Rs601 crore initial public offering.

The initial share sale opens for public subscription on August 28 and concludes on August 30 and bidding for anchor investors will open for a day on August 27, the company said in a statement. The company’s maiden public issue is entirely an offer for sale (OFS) of 1.8 crore equity shares worth Rs601 crore, at the upper end of the price band, by promoters -- Rajesh Loomba and Aditya Loomba -- with no fresh issue component.

Since it is an OFS, the Delhi-based firm will not receive any proceeds from the IPO and the money will go to promoters selling shares. Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.