Markets

RouteMobile gets nod for ₹600-cr IPO

Our Bureau Chennai | Updated on January 01, 2020 Published on January 01, 2020

Omni channel cloud communications service provider, RouteMobile, has received SEBI’s nod to raise an estimated ₹600 crore through the initial public offering.

The IPO consists of a fresh issue of shares worth ₹240 crore and an offer-for-sale of up to ₹360 crore by the promoters, Y Sandipkumar Gupta and Rajdipkumar Gupta. Additionally, a pre-IPO placement of up to 30 lakh equity shares for cash aggregating up to ₹125 crore may be considered in consultation with the BRLMs which will reduce the size of the offer, retrospectively. the company said in a release.

The company will use ₹36.9 crore towards repayment and advance payment of certain borrowings and ₹83 crore for acquisitions and other strategic initiatives besides the purchase of an office premise.

Its total revenue stood at ₹844.668 crore in FY2019.

Published on January 01, 2020
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