Route Mobile IPO oversubscribed by whopping 73.30 times on final day led by huge buying from HNIs

Route Mobile IPO was available for subscription from September 09, 2020, to September 11, 2020.

Sep 14, 2020 09:09 IST India Infoline News Service

Initial Public Offer, IPO
Route Mobile has completed its initial public offering (IPO) with a massive response from the high net worth individual (HNIs). On the final day, the IPO saw bids of 89,23,41,080 equity shares compared to the issue size of 1,21,73,912 equity shares, representing oversubscription of 73.30 times.

The company planned to raise about Rs600cr through the issue.

Data compiled from BSE and NSE showed that the qualified institutional buyers (QIB) subscribed by 89.77 times, while non-institutional investors (NII) oversubscribed by whopping 192.81 times. As for retail individual investors (RII), oversubscription of 12.67 times was witnessed.

HNIs fall under the category of NII.

The price band for the IPO was set at the lower end of Rs345 per share and the upper end of Rs350 per share.

Route Mobile IPO was available for subscription from September 09, 2020, to September 11, 2020. The IPO size involved Rs240cr worth fresh issue; an offer for sale (OFS) amounting to Rs360cr where promoters Sandipkumar Gupta and Rajdipkumar Gupta offloaded a portion of their shareholding. 

Related Story