Route Mobile raises Rs 180 crore from 15 anchor investors ahead of IPO opening

A day ahead of IPO Opening, Route Mobile, has garnered Rs 180 crore from 15 anchor investors on September 8, 2020. The 15 investors that participated for the anchor book includes SBI Mutual Fund, SBI Life Insurance, ICIC Prudential, Goldman Sachs, Franklin Templeton, Kuwait Investment Authority, Vantage Equity, Macquarie, Theleme Master Fund, and Axis Mutual Fund among 15 investors participated for the anchor book.

A total of seven mutual funds have applied through 15 schemes for anchor allotment.

The omnichannel cloud communication service provider (CPaaS) Route Mobile in its statement published on exchanges said, "In anchor investors portion in the public issue of Route Mobile, 51,42,856 equity shares have been subscribed at Rs 350 per equity share."

The cloud communication service provider will open its Rs 600-crore initial public offering (IPO) on September 9 and the same will close on September 11. The price band for the public issue has been fixed at Rs 345-350 per equity share. The public issue consists of a fresh issue of Rs 240 crore and an offer for sale of Rs 360 crore by promoters.

ICICI Securities, Axis Capital, Edelweiss Financial Services and IDBI Capital Markets & Securities are the book running lead managers to the issue.

Promoters Rajdipkumar Gupta, Managing Director, and Sandipkumar Gupta, Non-Executive Director are going to sell Rs 180 crore worth of shares each via offer for sale.