The Rs 600-crore Route Mobile IPO received a good response, subscribing over 74 times on the final day of the bidding. The cloud communications service provider, which was open for subscription from September 9-11, in the price band of Rs 345-350, received bids for over 89 crore shares as against the total issue size of 1.21 crore shares. The company is expected to finalise the basis of allotment today. According to the data on the stock exchanges, Qualified institutional buyers (QIBs) category was subscribed 91 times, while non-institutional investors (NIIs) subscribed their portion 195.61 times. The retail individual investors (RIIs) garnered 12.85 times subscription. The Mumbai-headquartered company already amassed Rs 180 crore from anchor 15 investors before the issue opened for subscription. The IPO included a fresh issue of Rs 240 crore and offer for sale (OFS) of up to Rs 360 crore.
Check Route Mobile IPO allotment status via KFin Technologies, BSE websites
KFin Technologies Private Limited is the registrar of the Route Mobile IPO. The registrar is a SEBI-registered entity responsible for the IPO allotment and refund processing. Investors who have placed bids for the Route Mobile IPO can check the allotment status on KFin Technologies website under ‘IPO Status’ section (https://ris.kfintech.com/ipostatus/) when it gets declared. After that select the IPO and enter either your application number or DPID/Client ID or PAN. In the last step, enter the given captcha and click submit.
Investors can also check the status of the allotment on the BSE website (https://www.bseindia.com/investors/appli_check.aspx). Investors will have to select ‘equity’, and then the issue name as ‘Route Mobile Ltd’ from the drop-down list. After that enter application number and PAN (permanent account number). In the last step, click on the search tab to view the status details.
The book running lead managers of this issue are ICICI Securities, Axis Capital, Edelweiss Financial Services and IDBI Capital Markets and Securities Ltd. The proceeds from OFS will go to the selling shareholders, while the amount received from the sale of fresh issue will be utilised for repayment or prepayment of certain borrowings of the company, acquisitions and other strategic initiatives, purchase of office premises in Mumbai and general corporate purposes. The company is among the leading cloud-communication platforms as a service (CPaaS) to enterprises, over-the-top (OTT) players and mobile network operators (MNOs).