Route Mobile makes dream debut; shares jump 105 pc

Shares of Route Mobile Ltd on Monday made a stellar stock market debut as they got listed with nearly 105 per cent premium on the bourses against its issue price of Rs 350. At the BSE, it got listed at Rs 708, reflecting a jump of 102.28 per cent from the issue price.

Shares of Route Mobile Ltd on Monday made a stellar stock market debut as they got listed with nearly 105 per cent premium on the bourses against its issue price of Rs 350. At the BSE, it got listed at Rs 708, reflecting a jump of 102.28 per cent from the issue price. It later rose to a high of Rs 735, registering a gain of 110 per cent.

On the NSE, the cloud communications service provider debuted at Rs 717, up 104.85 per cent from the issue price. Route Mobile's initial public offer was subscribed more than 74 times, mirroring huge investor appetite for the issue.

The company joined the likes of Happiest Minds Technologies Ltd whose shares also jumped over 123 per cent in its debut trade on Thursday against its issue price of Rs 166 per share. Price range for Route Mobile's Rs 600-crore offer was placed at Rs 345-350 per share.

ICICI Securities, Axis Capital, Edelweiss Financial Services and IDBI Capital Markets and Securities were the managers to the offer..