Mumbai: Shares of Route Mobile, the cloud communication services provider made a strong debut on exchanges on Monday as it was listed Rs 708 a 102.29 percent premium over its issue price of Rs 350 on BSE. Meanwhile, on NSE it listed at Rs 708, a premium of 104.86 percent.
The IPO of Route Mobile was subscribed nearly 75 times, reflecting a huge investor appetite for the issue. The Rs 600-crore public offer of Route Mobile received bids for over 89 crore shares as against the total issue size of 1.21 crore shares.
The retail individual investors’ portion was subscribed 12.85 times while the qualified institutional buyers (QIBs) category 91 times and the non-institutional investors category 195.61 times.
Route Mobile raised Rs 600 crore via public issue during September 9-11, which had comprised a fresh issue of Rs 240 crore and an offer for sale of Rs 360 crore by promoters.
The price range for the offer was Rs 345-350 per share.
The company proposes to utilize 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 were the lead managers to the Route Mobile offer.