India: Route Mobile IPO subscribed 74 times on final day of bidding

The initial public offering of Route Mobile received a stellar response from investors, on the final day of bidding, with the share sale witnessing an overall subscription of 74.13 times.

It received bids for 89.23 crore equity shares have been received against IPO size of 1.2 crore shares, the data available on exchanges showe Qualified institutional investors subscribed 91.06 times, Non-institutional investors subscribed 192.81 times, while the reserved portion of retail investors was subscribed 12.85 times.

The public issue consists of a fresh issue of 240 crore and an offer for sale of 360 crore. The price band of the issue was fixed at 345-350 per share.

Route Mobile provides cloud-communication platform as a service to enterprises, over-the-top (OTT) players and mobile network operators. Its range of enterprise communication services includes application-to-peer /peer-to-application /2-Way Messaging, OTT business messaging, voice, email, and omni-channel communication.

Investment banks Axis Capital, Edelweiss and others advised Route Mobile on the IPO.

This article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.