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Route Mobile IPO gets 78 percent subscription in the market


new Delhi. On the first day of the IPO of the cloud communication company Route Mobile, there was not much enthusiasm. On the first day, only 78% of the total shares were subscribed. According to experts, today there was a decrease in the enthusiasm of investors due to the market falling. Now this IPO can be subscribed till Friday i.e. September 11.

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Good response from retail investors
As per the data received by the National Stock Exchange, bids were made for 94.61 lakh shares on Wednesday. The company has offered 1,21,73,912 shares for sale. According to today’s subscription, this is equivalent to 78 per cent of the issue size. The response from retail investors was quite good. Their reserved share saw a subscription of 144 per cent. The non-institutional investors set aside 25.8 per cent and the number of qualified institutional buyers was 1.21 per cent.

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The company has kept this price band
Out of a public issue of Rs 600 crore, fresh issues worth Rs 240 crore have been issued. At the same time, the proposal of sale of Rs 360 crores by promoters Sandeep Kumar Gupta and Rajdeep Kumar Gupta is included. Root Mobile has already raised Rs 180 crore from anchor investors. There is not much enthusiasm for the company’s issue due to the fall in the stock market. On Wednesday, the BSE Sensex and Nifty 50 indexes appeared in red mark. The company has kept a price band of Rs 345–350 for its issue.

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