Latest News | BIZ-IPO-ROUTE MOBILE  Route Mobile IPO Subscribed over 74 Times on Last Day of Bidding  

New Delhi, Sep 11 (PTI) Route Mobile's initial public offer (IPO) was subscribed 74.36 times on the last day of bidding on Friday, reflecting huge investor appetite for the issue.

The Rs 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.

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Qualified institutional buyers (QIBs) category was subscribed 91 times, non-institutional investors category 195.61 times and retail individual investors portion was subscribed 12.85 times, according to merchant bankers.

The IPO comprises of fresh issue of Rs 240 crore and an offer for sale of Rs 360 crore. Price range for the offer was Rs 345-350 per share.

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Route Mobile on Tuesday garnered Rs 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 offer.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)