The initial public offer (IPO) of Route Mobile, a cloud communications platform service provider, will open for subscription on Wednesday i.e. September 9, 2020. The Rs 600 crore issue will be open for three trading days, from September 9 to September 11. The anchor investors' book will close for subscription on September 8, just a day ahead of issue opening. The price band of the issue has been fixed 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 by the existing promoters. A retail investor can bid for a minimum one lot, amounting to 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.
Route Mobile plans to utilise the proceeds of the fresh issue to repay / pre-pay existing debt, make acquisitions, purchase office premises in Mumbai and for general corporate purposes.
ICICI Securities, Axis Capital, Edelweiss Financial Services and IDBI Capital Markets & Securities are the book running lead managers of the offer.
Sandipkumar Gupta and Rajdipkumar Gupta are the promoter of Route Mobile. Incorporated in 2004, Route Mobile has clients across Africa, Asia Pacific, Europe, Middle East and North America.
Route Mobile IPO is the fourth public offering this year, after the SBI Cards and Payment Services' share sale in March, Rossari Biotech's listing in July and the ongoing Happiest Minds IPO. The Route Mobile IPO comes at a time when India continues to battle with the Covid19 pandemic, with daily case count touching 90,000.