Route Mobile IPO: Share allotment finalised. How to check status1 min read . Updated: 17 Sep 2020, 10:08 AM IST
- Route Mobile's IPO was subscribed 74.36 times
- KFin Technologies Private Limited is the registrar of Route Mobile IPO
The allotment of shares in Route Mobile's initial public offer (IPO) has been finalised. Reflecting huge investor appetite for the issue, Route Mobile's IPO was subscribed 74.36 times. The issue had closed on Friday. KFin Technologies Private Limited is the registrar of Route Mobile IPO and investors can check the allotment on its website when the allotment is finalised.
Investors can also check on BSE website by entering PAN and IPO application number.
Route Mobile shares are likely to get listed on 21st September, say brokerages.
The ₹600-crore public offer of Route Mobile, a cloud communications service provider, 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 qualified institutional buyers (QIBs) category was subscribed 91 times and non-institutional investors category 195.61 times.
Route Mobile IPO comprised fresh issue of ₹240 crore and an offer for sale of ₹360 crore. Price range for the offer was ₹345-350 per share.
Route Mobile on Tuesday garnered ₹180 crore from anchor investors.
The company proposes to utilise 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 are the managers to the Route Mobile offer.
IPO activity in India is seen picking up after IPOs from Happiest Minds Technology Ltd. and Route Mobile Ltd attracted strong demand.
(With agency inputs)