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IPO News
Route Mobile's IPO Subscribed 74.13 Times on Day 3
Posted On : 2020-09-12 17:28:11( TIMEZONE : IST )
Mumbai based, cloud communication platform as a service provider "CPaaS", Route Mobile's Rs. 600 crore initial public offer (IPO) was subscribed 74.13 times on the third day of bidding, i.e. September 11. The IPO received bids for 8.92 crore equity shares as against the offer size of over 1.21 crore shares, as per data available on the stock exchanges. The Price Band of the Issue was fixed at Rs 345-350 per equity share.
The retail investor's portion, which was fully subscribed on the first day itself, received a total subscription of 12.85 times. The non-institutional investors segment attracted bids to the extent of 192.81 times and the portion set aside for qualified institutional buyers was subscribed 91.06 times.
The public offering consisted of a fresh issue of up to Rs. 240 crore and offer for sale (OFS) of Rs. 360 crore. The minimum bid lot for was 40 shares and in multiples of 40 shares to a maximum of 14 lots for retail investors.
The shares will be listed on both, BSE and the NSE.
On day of the anchor, the company found interest and participation from well-known institutions across the globe particularly US, UK and Asia besides participation from some large mutual funds in India namely Franklin Templeton, Goldman Sachs, Kuwait Investment Authority, Macquarie, Vantage, Wells Capital and SBI Mutual Fund. It raised to a tune of 180 crs from 15 anchor investors.
Route Mobile's CPaaS platform facilitates Omni channel communication for multiple industries across small, medium and large enterprises , mobile network operators and OTT players, resulting in enhanced engagement, customer retention and brand loyalty. 80.8% of Route Mobile's revenues comes from exports and 19.2% from domestic clients. Between FY18-20 the company been growing at a CAGR of 37.6%, owning to its continued focus in offering a one stop solution across all digital channels, enhance service offerings through inorganic opportunities in new markets and geographies.