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Route Mobile IPO subscribed 4 times on 2nd day of bidding, QIBs fully booked

Before the issue opened, Route Mobile raised Rs 180 crore from anchor investors at the higher end of the price band i.e. Rs 350 per share.

September 14, 2020 / 11:51 AM IST

Mumbai-based cloud-communication platform provider Route Mobile's maiden public offer has been subscribed 4.15 times so far on September 10, the second day of bidding.

The IPO has received bids for 5.05 crore equity shares against offer size of over 1.21 crore equity shares, the data available on the exchanges showed.

Retail investors' reserved portion got fully subscribed on the first day itself. At the time of writing this copy, it had been subscribed 6.7 times. Non-institutional investors have put in 203 percent bids against their reserved quota and the portion set aside for qualified institutional buyers has been subscribed 1.25 times.

"We expected the IPO to receive good traction as a lot is left on the table for the investors. We also expect the IPO to be subscribed manifold," Keshav Lahoti - Associate Equity Analyst at Angel Broking told Moneycontrol.