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Route Mobile listed on the bourses at a 110 per cent premium to its issue price after investors overwhelming response hoping to gain from the rapid adoption of digital services.
The stock opened at ₹733.95 compared with an issue price of ₹350.
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Route Mobile IPO Subscribe: On a profitable path
The firm reported strong revenue growth and its future prospects seem soundOverall, the IPO was subscribed 73.3 times. The issue comprised a fresh issue of ₹240 crore and an offer-for-sale of ₹360 crore by promoters Sandipkumar Gupta and Rajdipkumar Gupta.
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A group of companies firm up IPO plans; Happiest Minds, Route Mobile IPOs drew tremendous responseThe company will utilise new issue proceeds for repayment of particular loans, acquisitions and other strategic initiatives, purchase of office premises in the Mumbai region and general corporate purposes.
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