Route Mobile sets price band at Rs 345-350 per share for its Rs 600 crore IPO; Issue to open on Sept 9

It had received approval from markets regulator Sebi in December 2019 to float the IPO. (Photo: iStock)


Route Mobile, an omnichannel cloud communication service provider, on Friday fixed price band of Rs 345-350 a share for its Rs 600 crore initial public offering that will open on September 9. The issue would comprise a fresh issue worth Rs 240 crore and an offer for sale (OFS) of Rs 360 crore by promoters.

This would include shares worth up to Rs 180 crore each by promoters Sandipkumar Gupta (Non-Executive Director) and Rajdipkumar Gupta (Managing Director). The company proposes to utilise the net proceeds towards funding 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.

The initial public offer (IPO) will conclude on September 11 and the investment by anchor investors will be finalised by September 8.

It had received approval from markets regulator Sebi in December 2019 to float the IPO.

The cloud communications service provider had initially filed for it’s IPO in January 2018, later it refiled the document in October 2019. Due to unfavourable market condition, the company failed to bring its IPO even after receiving approval in 2018, market sources said.

ICICI Securities, Axis Capital, Edelweiss Financial Services and IDBI Capital Markets & Securities are the managers to the issue.

Apart from Route Mobile, the initial share-sale of IT services firm Happiest Minds Technologies will be open for public subscription during September 7-9.

The IPO is expected to garner Rs 702 crore.