Route Mobile shares made a strong debut on the exchanges today. Route Mobile shares rose more than 100% to ₹725 in EEB compared to the issue price of ₹350. Route Mobile’s IPO was subscribed almost 75 times, reflecting a strong investor appetite for the issue. the ₹The Rs 600 million public offering of Route Mobile, a cloud communications service provider, received offers for more than 89 million shares compared to the total issue size of 1.21 million shares.
The retail individual investor portion was subscribed 12.85 times, while Qualified Institutional Buyers (QIBs) were rated 91 times and the Non-Institutional Investor category 195.61 times.
Route Mobile shares are trading amid a flurry of IPO activity in recent weeks. Last week, Happiest Minds Technologies Ltd. more than doubled on the first day of trading after India’s most successful initial stock sales of this decade.
Three IPOs hit the streets this week: CAMS, Chemcon Chemicals and Angel Broking.
Route Mobile’s IPO included a new issue of ₹240 crore and an offer to sell of ₹360 crore. The price range of the offer was ₹345-350 per share.
The company proposes to use the net proceeds for the repayment or prepayment, in whole or in part, of certain company loans, acquisitions and other strategic initiatives, purchase of Mumbai office space and general corporate purposes.
ICICI Securities, Axis Capital, Edelweiss Financial Services and IDBI Capital Markets and Securities were the main managers of the Route Mobile offering.
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