Today after listing in the domestic stock markets Route Mobile (Shares of Root Mobile) rose sharply. Following the listing on the Bombay Stock Exchange (BSE) todayShares of PennyHas jumped more than 105 per cent to Rs 725. Its customers have got double profit. Its issue price was set at Rs 350 per share, but around 12 noon, shares of Route Mobile were trading at Rs 683. Route Mobile’s IPO was 75 times more subscribed.
The company received a bid of 89 crore shares for the IPO
The company, which operates as a cloud communications service provider, has invested Rs 600 crore under a public offering. The company received a bid of 89 crore shares for the IPO. The total number of shares issued is 1.21 crore. Retail investors have subscribed 12.85 times of this stock. The Qualified Institutional Buyers (QIBs) category has 91 times the number of subscribers. Non-institutional investors have subscribed to ROUTE MOBILE 195.61 times.
The IPO listing was superb in both the days
Shares of ROUTE MOBILE have been on the list at a time when IPO listings have been superb in both the days. Shares of Happiest Minds Technologies Ltd. doubled on the first day of listing last week. It is considered to be one of the most successful listings in a decade. IPOs of CAMS, Chemcon Chemicals and Angel Broking are coming.
It will also be used to buy an office in Mumbai and for general corporate functions
ROUTE MOBILE has a fresh issue of Rs 240 crore and an off-sale stake of Rs 360 crore. The price range for the offer was Rs 345-350. The company said the amount would be used to repay its debt. Apart from this it will also be used for commercial strategy to buy office in Mumbai and for general corporate functions. Head managers for Root Mobile include ICICI Securities, Axis Capital, Edelweiss Financial Services and IDBI Capital Markets.