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Route Mobile IPO day 1: Issue fully subscribed, retail investors portion 1.8 times

Route Mobile does not have a direct comparable listed peer in India. It will become the second firm in the larger mobile communication services after Affle India.

September 14, 2020 / 11:51 AM IST

The public issue of Route Mobile, the cloud communication platform as a service provider, has subscribed 100 percent on September 9, the first day of bidding.

The IPO has received bids for 1.22 crore equity shares against offer size of over 1.21 crore equity shares, the data available on exchanges showed.

The respone from retail investors remained good so far, as their reserved portion witnessed 1.8 times subscription. The portion set aside for non-institutional investors subscribed 46.56 percent and that of qualified institutional buyers 1.21 percent.

The Rs 600-crore public issue consists a fresh issue of Rs 240 crore and an offer for sale of Rs 360 crore by promoters - Sandipkumar Gupta and Rajdipkumar Gupta. Route Mobile already raised Rs 180 crore from anchor investors at higher end of price band.