InvestorQ : What is the latest subscription status of the Route Mobile IPO?
rhea Babu made post

What is the latest subscription status of the Route Mobile IPO?

Answer
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3 weeks ago


As of the end of the second day of subscription, the Route Mobile IPO was subscribed approximately by 4 times the issue size. Since most of the HNI and QIP orders come on the last day, one can safely expect a solid oversubscription on the third day.

Route Mobile IPO consists of a new issue and an OFS where the promoters will hive off part of their stake. The fresh issue is of Rs.240 crore and the OFS portion is of Rs.360 crore. This takes the total issue size to Rs.600 crore consisting of 1.71 crore shares issued at Rs.345-350 per share.

Route Mobile is a preferred provider of cloud-communication platform to OTT players and mobile network operators. It is an existing profit making company and has been around for over 16 years catering to the retail, social media, banks, insurers and financials.