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Route Mobile IPO subscribed 4.21 times on Day 2

Route Mobile IPO subscribed 4.21 times on Day 2

By CNBC-TV18 Sept 10, 2020 9:16:14 PM IST (Updated)

Route Mobile's Rs 600 crore initial public offer (IPO) was subscribed 4.21 times on the second day of bidding (September 10). The IPO received bids for 5.05 crore equity shares as against the offer size of more than 1.21 crore shares, according to data available on the stock exchanges.

Route Mobile's Rs 600 crore initial public offer (IPO) was subscribed 4.21 times on the second day of bidding (September 10). The IPO received bids for 5.05 crore equity shares as against the offer size of more than 1.21 crore shares, according to data available on the stock exchanges.

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The public offer will close on Friday, September 11. The retail investors’ portion, which was fully subscribed on the first day itself, received total subscription of 6.81 times.
Non-institutional investors’ segment attracted bids of 2.07 times and the portion set aside for qualified institutional buyers was subscribed 1.27 times. Route Mobile has fixed the price band at Rs 345-350 per share.
The public offering will comprise fresh issue of up to Rs 240 crore and offer for sale (OFS) of Rs 360 crore. A retail investor can bid for a minimum one lot of 40 shares and in multiples of 40 shares thereafter, to a maximum of 14 lots. The shares will be listed on both, BSE and the NSE.
Ahead of the IPO, Route Mobile had raised Rs 180 crore from anchor investors, including Franklin Templeton Mutual Fund, Goldman Sachs, SBI Life Insurance, Kuwait Investment Authority and Axis Mutual Fund.
Route Mobile will utilise the proceeds of the fresh issue to repay existing debt, make acquisitions and purchase office premises in Mumbai, and for general corporate purposes, the Mumbai-based cloud communication platform provider said in a statement.
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