Route Mobile Ltd. on Monday listed with a 105% premium at Rs 717 on the NSE after receiving strong response for the IPO.
Mumbai based cloud communication services provider’ IPO issue price was Rs 350 per share. On the BSE, it opened at Rs 708, a massive 102.3 percent premium over IPO price.
Route Mobile Rs 600 crore public issue during comprised of a fresh issue of Rs 240 crore and an offer for sale (OFS) of Rs 360 crore by the promoters.
Company is going to utilise net fresh issue proceeds for repayment of certain loans, acquisitions and other strategic initiatives, purchase of office premises in the Mumbai region and general corporate purposes.
Route Mobile provides services to over-the-top (OTT) players and mobile network operators (MNOs). Its enterprise segment provides a cloud-based communication platform, while mobile operations segment include services such as SMS analytics, firewall, and CPaaS (cloud-communication platform as a service).
It serves its clients in 18 locations spreading across Africa, Europe, Middle East and North America.
At 10:31 am, the IT company was trading at Rs 659.25 on the Bombay Stock Exchange.
