Big boost for Route Mobile IPO! Rs 180 cr are already here from anchor investors
It's a big boost for Route Mobile IPO as the cloud communications service provider has garnered Rs 180 cr from anchor investors ahead of the initial public offer.
It's a big boost for Route Mobile IPO as the cloud communications service provider has garnered Rs 180 cr from anchor investors ahead of the initial public offer. Route Mobile has confirmed that it has garnered Rs 180 crore from 15 anchor investors ahead of its initial share-sale offer that opens for public subscription on Wednesday. Goldman Sachs, Franklin Templeton Mutual Fund, SBI Life Insurance, Kuwait Investment Authority, Vantage Equity Fund, Axis Mutual Fund, Macquarie and SBI Mutual Fund are among the anchor investors, according to information available with stock exchanges.
Route Mobile has finalised allocation of 51,42,856 shares at Rs 350 apiece to 15 anchor investors. Based on the price, the total proceeds would be to the tune of Rs 180 crore, says Route Mobile.
ROUTE MOBILE IPO: All you need to know
-The company proposes to raise Rs 600 crore through the initial public offer (IPO) which comprises fresh issue of shares worth Rs 240 crore and an offer for sale (OFS) of Rs 360 crore by promoters -- Y Sandipkumar Gupta and Rajdipkumar Gupta.
-A price band of Rs 345-350 apiece per share has been fixed for the IPO that will open on September 9 and conclude on September 11.
-The company proposes to utilise the net proceeds towards funding for repayment or pre-payment, in full or part, of certain borrowings of the company; acquisitions and other strategic initiatives; purchase of office premises in Mumbai; and general corporate purposes.
-The company received approval from markets regulator Sebi in December 2019 to float IPO.
-The cloud communications service provider had initially filed for its IPO in January 2018. Later it refiled its document in October 2019.
- ICICI Securities, Axis Capital, Edelweiss Financial Services and IDBI Capital Markets & Securities are the managers to the issue.
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