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Route Mobile IPO Sees Robust Demand

By Staff

The initial public offer (IPO) of Route Mobile received bids for 89.23 crore shares as against 1.21 crore shares on offer, as per data on NSE, a subscription of 73.30 times.

Route Mobile IPO Sees Robust Demand

The non-institutional investors (NII) category was subscribed 192.81 times, the qualified institutional buyers (QIBs) subscribed 89.76 times, while retail individual investors (RIIs) category was subscribed 12.67 times.

The issue opened for subscription on 9 September and closed on 11 September with a price band of Rs 345-350 per share.

The IPO included a fresh issue of up to Rs 240 crore and offer for sale (OFS) of equity shares by existing promoters aggregating to Rs 360 crore.

Ahead of the IPO, on 8 September, the company raised around Rs 180 crore from anchor investors. 51.42 lakh shares at a price of Rs 350 per share were allotted to a total of 15 anchor investors including Franklin Templeton Mutual Fund, Goldman Sachs, SBI Life Insurance, Kuwait Investment Authority, Vantage Equity Fund, Axis Mutual Fund, Macquarie, Theleme Master Fund, SBI Mutual Fund, ICICI Prudential, Nippon India, Aditya Birla Sun Life, IIFL, Trust & Services Custody Bank as trustee of Wells Capital and Mirae Asset Mutual Fund.

A total of seven mutual funds have applied through 15 schemes for anchor allotment.

The company will use the proceeds from the issue to fund repayment or pre-payment, in full or part, of certain borrowings of about Rs 36.5 crore; acquisitions and other strategic initiatives of about Rs 83 crore; purchase of office premises in Mumbai of about Rs 65 crore; and general corporate purposes.

Route Mobile Limited is a tier-one application-to-peer (A2P) service provider. Incorporated in 2004, it provides enterprise communication services like smart solutions in Messaging, Voice, Email, and SMS Filtering, Analytics & Monetization

Read more about: ipo
Story first published: Saturday, September 12, 2020, 10:57 [IST]
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