Route Mobile garners Rs180cr from 15 anchors ahead of IPO

According to the regulatory filing, Route Mobile has finalized the allocation of 51,42,856 shares at Rs350 apiece to 15 anchor investors.

Sep 09, 2020 07:09 IST India Infoline News Service

Initial Public Offer, IPO
Route Mobile, the leading Omnichannel Cloud Communication Service Provider (CPaaS), to enterprises, over-the-top (“OTT”) players and mobile network operators (“MNOs”), will open its initial public offering on September 9, 2020, and will close on September 11, 2020. The company set a price band of Rs345-Rs350 per Equity Share.

According to the regulatory filing, Route Mobile has finalized the allocation of 51,42,856 shares at Rs350 apiece to 15 anchor investors. Based on the price the total proceeds would be to the tune of Rs180cr.

The company found interest and participation from well-known institutions across the globe particularly US, UK and Asia besides participation from some large mutual funds in India. The participants to the anchor investor bidding were Franklin Templeton Mutual Fund, Goldman Sachs, SBI Life Insurance, Kuwait Investment Authority, Vantage Equity Fund, Axis Mutual Fund, Macquarie, Theleme Master Fund, SBI Mutual Fund, ICICI Prudential, Nippon India, Aditya Birla Sun Life, IIFL, Trust & Services Custody Bank, trustee of Wells Capital and Mirae Asset Mutual Fund

A total of 7 Mutual funds have applied through 15 schemes.

The Company is proposing to raise Rs600cr via the fresh issue of Rs240cr and OFS of Rs360cr. Utilization of the Net Proceeds will be 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.

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