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.
Overall, 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.
The 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.
Published on September 21, 2020
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.