On Friday, Route Mobile, an omni-channel cloud communication service provider, said that its initial public offering (IPO) will open on 9 September. The issue will hit the primary markets at a price band of Rs 345-350 per share to raise Rs 600 crore.
The public issue will comprise of fresh issue of up to Rs 240 crore and an offer for sale (OFS) of up to Rs 360 crore by promoters. Promoters Sandipkumar Gupta, Non-Executive Director, and Rajdipkumar Gupta, Managing Director are going to sell Rs 180 crore worth of shares each via OFS.
The issue closes on 11 September and the investment by anchor investors will be finalised on 8 September.
Minimum bid lot is 40 equity shares and in multiples of 40 equity shares thereafter.
ICICI Securities, Axis Capital, Edelweiss Financial Services and IDBI Capital Markets & Securities have been appointed as the book running lead managers to the offer. KFin Technologies Private is acting as the registrar to the offer.
Shares are proposed to be listed on BSE and NSE.
About the company
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.
With clients across Africa, Asia Pacific, Europe, the Middle East and North America, its three business verticals include: Enterprise services, Mobile Operator services and BPO (Business Process Outsourcing).
For the financial year ended 30 March 2020, the company's profit stood at Rs 79.60 crore, when compared to Rs 74.8 crore at the end of March 2019 and Rs 58.10 crore at the end of March 2018.