Route Mobile IPO subscribed more than 4 times on second day of bidding

The Rs 600-crore public offer of Route Mobile, a cloud communications service provider, received bids for 5,05,09,920 shares as against the total issue size of 1,21,73,912 shares, according to data available with the NSE. The category for qualified institutional buyers (QIBs) was subscribed 1.25 times, that for non-institutional investors was subscribed 2.04 times, while retail individual investors' portion was subscribed 6.71 times.

Route Mobile's initial public offer (IPO) was subscribed 4.15 times on the second day of bidding on Thursday. The Rs 600-crore public offer of Route Mobile, a cloud communications service provider, received bids for 5,05,09,920 shares as against the total issue size of 1,21,73,912 shares, according to data available with the NSE.

The category for qualified institutional buyers (QIBs) was subscribed 1.25 times, that for non-institutional investors was subscribed 2.04 times, while retail individual investors' portion was subscribed 6.71 times. The initial public offer comprises of 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. 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.