Route Mobile’s Rs 600 crore IPO to open next week

Route Mobile's

Route Mobile, a cloud communications service provider, will launch its initial public offering next week to raise an estimated Rs 600 crore, merchant banking sources said on Thursday.

The public offer comprises a fresh issue worth Rs 240 crore and an offer for sale (OFS) of Rs 360 crore by promoters — Y Sandipkumar Gupta and Rajdipkumar Gupta, as per the draft red herring prospectus (DRHP) filed by the company.

Additionally, a pre-IPO placement aggregating up to Rs 100 crore may be considered in consultation with the book running lead managers (BRLMs) which will reduce the size of the offer, retrospectively, the draft papers noted.

The company had received approval from markets regulator Sebi in December 2019 to float the initial public offer (IPO). The company had received approval from markets regulator Sebi in December 2019 to float the initial public offer (IPO).

The cloud communications service provider had initially filed for its IPO in January 2018. Later, it refiled the document in October 2019.

According to market sources, the company failed to bring its IPO even after receiving approval in 2018 because of unfavourable market conditions.

ICICI Securities, Axis Capital, Edelweiss Financial Services and IDBI Capital Markets & Securities are the managers to the issue.

The IPO is expected to garner Rs 702 crore. Apart from Route Mobile, the initial share-sale of IT services firm Happiest Minds Technologies will be open for public subscription during September 7-9.

News source: moneycontrol

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