Route Mobile IPO: Issue subscribed 2.15 times on Day 2 so far

The initial public offer of Route Mobile has been subscribed 2.15 times so far on the second day of bidding i.e. Thursday. The Rs 600-crore public offer of Route Mobile, a cloud communications service provider, received bids for 2.55 crore shares as against the total issue size of 1.21 crore shares, according to data available with the exchanges.

The category meant for non-institutional investors was subscribed 129 per cent, that for qualified institutional buyers (QIBs) was subscribed 1.21 per cent, while retail individual investors' portion was subscribed 3.73 times.

The IPO was fully subscribed on the first day. The public offer received bids for 1,22,31,600 shares as against the total issue size of 1,21,73,912 shares. The portion for non-institutional investors was subscribed 46 per cent, that for qualified institutional buyers (QIBs) was subscribed 1 per cent. The retail individual investors' portion was subscribed 1.80 times.

Route Mobile on Tuesday garnered Rs 180 crore from anchor investors. The initial public offer comprises a fresh issue of Rs 240 crore and an offer for sale of Rs 360 crore.

Price range for the offer, which will close on Friday, has been fixed at Rs 345-350 per share.

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.

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