On Wednesday, shares of Route Mobile were up 5% to hit a new high of Rs 1,304 apiece, supported by heavy volume. The stock has doubled from its listing price of Rs 651 hit on 21 September 2020.
Route Mobile has outperformed the market in the last six days by surging 16% after the shareholding pattern revealed that foreign portfolio investors (FPIs) have increased their stake in the company by 540 basis points (bps) during the October-December quarter.
FPIs held 15.74% stake in Route Mobile as on 31 December 2020, as against 10.34% at the end of September 2020 quarter, according to the data filed by the company. At the time of listing, their stake stood at 4.32%.
However, mutual funds have reduced their stake in Route Mobile to 4.48% from 8.44% in the previous quarter.
Route Mobile had made a strong debut at the stock exchanges with a gain of 86% against its issue price of Rs 350 per share. With today's gain, the stock has zoomed 272% as against its issue price on the BSE.
It is a cloud communications platform service provider, catering to enterprises, over-the-top (OTT) players, and mobile network operators (MNO). Route Mobile's portfolio comprises solutions in messaging, voice, email, SMS filtering, analytics, and monetization.
Meanwhile, the board of directors of the company is scheduled to meet on 28 January to consider and approve unaudited financial results for the quarter ended 31 December 2020.