India: Route Mobile IPO Subscribed 74 Times On Final Day Of Bidding

The initial public offering of Route Mobile received a stellar response from investors, on the final day of bidding, with the share sale witnessing an overall subscription of 74.13 times.

It received bids for 89.23 crore equity shares have been received against IPO size of 1.2 crore shares, the data available on exchanges showe Qualified institutional investors subscribed 91.06 times, Non-institutional investors subscribed 192.81 times, while the reserved portion of retail investors was subscribed 12.85 times.

The public issue consists of a fresh issue of ₹240 crore and an offer for sale of ₹360 crore. The price band of the issue was fixed at ₹345-350 per share.

Route Mobile provides cloud-communication platform as a service to enterprises, over-the-top (OTT) players and mobile network operators. Its range of enterprise communication services includes application-to-peer /peer-to-application /2-Way Messaging, OTT business messaging, voice, email, and omni-channel communication.

Route Mobile intends to use the issue proceeds for repayment or prepayment of certain borrowings, acquisitions and other strategic initiatives, purchase of office premises in Mumbai and general corporate purposes.

Investment banks Axis Capital, Edelweiss and others advised Route Mobile on the IPO.

This article was first published on livemint.com.

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