Route Mobile IPO opens with 105% premium at Rs 708 per share
Shares of Route Mobile, the cloud communication services provider made a strong debut on exchanges on Monday as it was listed ₹717 on BSE, a 104.86 per cent premium over its issue price of Rs 350 on NSE. Meanwhile, on BSE it listed at Rs 708, a premium of 102.29 per cent.
On the BSE, at 10:01 hours IST, it was trading at Rs 716.85, up 104.81 percent with 8.03 lakh volumes, while on the NSE, it traded with 108 percent gains at Rs 728.15 and the volume was 61.06 lakh shares.
The IPO of Route Mobile was subscribed nearly 75 times, reflecting huge investor appetite for the issue. The ₹600-crore public offer of Route Mobile received bids for over 89 crore shares as against the total issue size of 1.21 crore shares.
With this, Route Mobile has joined the elite club that includes DMart and IRCTC, and the recent debutant Happiest Minds, which gained over 100 per cent on their debuts.
Route Mobile shares are getting listed amid a flurry of IPO activity in recent weeks.
Route Mobile raised Rs 600 crore via public issue during September 9-11, which had comprised a fresh issue of Rs 240 crore and an offer for sale of Rs 360 crore by promoters.
