Route Mobile soars 110% on listing day

 Route Mobile soars 110% on listing day

 


Mumbai, 21 September, 2020: The leading Omni channel cloud communications service provider (“CPaaS”) to enterprises, over-the-top (“OTT”) players and mobile network operators (“MNOs”) whose IPO opened on September 9, 2020 and closed on September 11, 2020 listed on the BSE and NSE at a 105% premium. The 600 cr initial public offering was offered at a lower price band of Rs 345 per share and higher price band of Rs 350 per share and found a great response from all investor categories to be subscribed over 74 times, generating a demand of over 31k crs.

Bids of 892,341,080 shares were received against the offering of 12,000,000 shares. The QIB portion was subscribed 91.26 times, which has been the best QIB interest in FY20 after SBI Cards, Rossari Biotech and Happiest MindsNII was subscribed 195.61 times and retail portion was subscribed 12.85 times.

The shares of the company listed at Rs. 708 per share and hit a 110% upper circuit during the intraday trade as it touched a high of Rs 735 per share and closed at Rs. 650 per share on BSE. Subsequently on NSE Route Mobile’s shares listed itself at Rs 717 per share and it made a high at Rs 731.04 per share and closed at Rs 651.30 per share.

The total quantity traded on BSE today was 27,26,777 (crores) with a total delivery percentage of 30.01%. The total quantity traded on NSE today was 2,80,41,094 (crores) with a total delivery percentage of 38.84 %.

The Market Capitalization of the Company post today’s closing price stands at Rs. 3701 crores.

Speaking on this momentous occasion - Mr. Rajdipkumar Gupta, Founder, MD & CEO, Route Mobile Limited said “Excluding the great anchor participation, we drew close to 15L applications for our IPO from Institutions, HNIs and the retail audiences. I’m humbled by the response and will definitely work towards living up to the faith of the new shareholders in the company.  Besides the support and sacrifices from my own family, the team of more than 300 people in the company are striving relentlessly to simplify communications every day.  I owe my success to them “

Commenting on the successful listing of the company  - Mr. Chirag Negandhi,  Jt MD and Co CEO, Axis Capital said “Axis Capital is proud of bringing a new sector to the market by being part of the first Indian IPO by a Global CPaaS player. The successful IPO and listing of Route Mobile Limited clearly shows that quality companies with a proven business model will be able to get investor interest from across the globe irrespective of market capitalization. An important takeaway from the success of Route Mobile’s IPO for tech entrepreneurs across India who have global business models is to actively consider listing their business in India instead of planning to list overseas “

 

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