The cloud communication services provider Route Mobile, which concluded its initial public offering (IPO) on September 11, is set to make its debut on the stock exchanges on Monday i.e. September 21. The final issue price has been fixed at Rs 350 per share.
Happiest Minds Technologies shares had made a strong debut last week, listing at a premium of around 110 per cent on the stock exchanges. If analysts are to be believed, and going by the premium in the grey market, Route Mobile is also likely to command a hefty premium on debut.
The Mumbai-headquartered Route Mobile's public offer was open for bidding between September 9 and September 11, 2020, in the price band of Rs 345-Rs 350 per share.
The IPO was subscribed 73.30 times, receiving bids for more than 89 crore shares as against the total issue size of 1,21 crore shares, as per data available on the stock exchanges. The retail investors portion received total subscription of 12.67 times, non-institutional investors segment attracted bids worth 192.81 times and qualified institutional buyers segment was subscribed 89.76 times.
The public offering had comprised fresh issue of Rs 240 crore and offer for sale (OFS) of Rs 360 crore.
Route Mobile was established by Sandipkumar Gupta and Rajdipkumar Gupta in 2004. It is a leading Communications Platform as a Service (CPaaS) provider and a tier-one application-to-peer (A2P) service provider proving solutions in messaging, voice, analytics and monetization. The company has clients in Africa, Asia Pacific, Middle East, Europe and North America.
Route Mobile IPO is the fourth public offering this year, following the SBI Cards and Payment Services' share offering in March, Rossari Biotech's share sale in July and Happiest Minds IPO this month.