0

0

0

0

0

0

0

0

0

This article is more than 1 year old.

Route Mobile IPO fully subscribed on first day

Mini

The initial public offer of Route Mobile was fully subscribed on the first day of bidding on Wednesday. The Rs 600-crore public offer of Route Mobile, a cloud communications service provider, received bids for 1,22,31,600 shares as against the total issue size of 1,21,73,912 shares, according to data available with the NSE.

Route Mobile IPO fully subscribed on first day
The initial public offer of Route Mobile was fully subscribed on the first day of bidding on Wednesday. The Rs 600-crore public offer of Route Mobile, a cloud communications service provider, received bids for 1,22,31,600 shares as against the total issue size of 1,21,73,912 shares, according to data available with the NSE.
The category meant for non-institutional investors was subscribed 46 per cent, that for qualified institutional buyers (QIBs) was subscribed 1 per cent, while retail individual investors' portion was subscribed 1.80 times.
Route Mobile on Tuesday garnered Rs 180 crore from anchor investors.
The initial public offer comprises of fresh issue of Rs 240 crore and an offer for sale of Rs 360 crore.
Price range for the offer, which will close on Friday, has been fixed at Rs 345-350 per share.
The company proposes to utilise the net proceeds for repayment or pre-payment, in full or part, of certain borrowings of the company, acquisitions and other strategic initiatives, purchase of office premises in Mumbai, and general corporate purposes.
ICICI Securities, Axis Capital, Edelweiss Financial Services and IDBI Capital Markets and Securities are the managers to the offer.
next story