The initial public offer IPO of Route Mobile received bids 73.3 times the issue size on the final day on September 11. The Rs 600-crore public offer of Route Mobile, a cloud communications service provider, received bids for 89.2 crore shares against the total issue size of 1.21 crore shares.
The portion set aside for qualified institutional investors received bids 89.76 times the allotted size. Portion for non-institutional investors was subscribed 192.28 times, and the reserved portion for retail investors was subscribed 12.66 times. On day 2, the IPO received 4.15 times bids compared to the issue size. As per data with NSE, the issue received bids for 5.05 crore shares on September 10.
The IPO was fully subscribed on first day. The public offer received bids for 1,22,31,600 shares 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 September 8 collected Rs 180 crore from anchor investors. The IPO was held from September 9 to September 11. The initial public offer comprised a fresh issue of Rs 240 crore and an offer for sale of Rs 360 crore.
Price range for the offer was 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.
Allotment of shares for the applicants of Route Mobile IPO has been finalised. One can check the allotment status in the IPO through two simple modes.
- On BSE website, select 'Equity' and then from the dropdown, select 'Route Mobile'.
- Now enter you PAN and application number
- Click on search
- Go to the online portal of Link Intime India (linkintime.co.in).
- Select the company name as Route Mobile in the drop-down menu of the investor's centre section
- Enter your Permanent Account Numbers (PAN) or application number or Client ID
- After entering the given captcha code, investors can click on submit and view their allotment status