On Wednesday Sept. 9, cloud communications provider Route Mobile opened its IPO. The offer closed on Friday, Sept. 11. Route Mobile shares are likely to be listed on Sept. 21, according to brokerages.
The company set the public offer price band at Rs ₹345-350 per share and the minimum bid was set at 40 equity shares. Bids could be made in multiples of 40 shares after the initial bid. The goal of the company is to raise Rs ₹600 crore, which was approved by market regulator SEBI.
IPO Details and Popularity Among Retail Investors
Route Mobile intends to use the proceeds to repay “certain borrowings, acquisitions, and other strategic initiatives.” These other initiatives include purchasing office space in Mumbai and balancing for general corporate purpose. Many brokerages recommende…