A price band of Rs 345-350 apiece per share has been fixed for the
IPO that will conclude on September 11.
The initial
public offer (IPO) of Route Mobile, a cloud communications service
provider, opens for public subscription today. The company proposes to raise Rs
600 crore through the IPO which comprises fresh issue of shares worth Rs 240
crore and an offer for sale (OFS) of Rs 360 crore by promoters -- Y Sandipkumar
Gupta and Rajdipkumar Gupta.
A price band of Rs
345-350 apiece per share has been fixed for the IPO that will conclude on
September 11. On Tuesday, the company garnered Rs 180 crore from 15 anchor
investors including the likes of Goldman Sachs, Franklin Templeton Mutual Fund,
and SBI Life Insurance, among others.
The company
proposes to utilise the net proceeds towards funding for repayment or
pre-payment, in full or part, of certain borrowings of the company;
acquisitions and other strategic initiatives; purchase of office premises in
Mumbai; and general corporate purposes.
About the
company
Route
Mobile is one of the leading providers of cloud-communication platform as a
service (CPaaS) to enterprises, over-the-top (OTT) players and mobile network
operators (MNOs). It provides voice, email, and omni-channel communication, SMS
analytics, firewall, filtering and monetization, SMS hubbing and Instant
Virtual Number solutions.
The company is
ranked as a tier one application-to-peer (A2P) service provider
internationally. Its enterprise solution comprises two primary components – the
front-end that provides an interface for enterprises to integrate with, and a
back-end which is directly integrated with over 240 MNOs, and provides access
to over 800 MNOs across the globe. Its clients include some of the world’s
largest organisations. It garners nearly 80.1 per cent of its revenue from
exports and 19.9 per cent from India.
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