 "Route Mobile IPO subscribed more than four times on day before its close")
The Rs 600-crore IPO of Route Mobile was subscribed more than 4x on Thursday, a day before its close. The 12.17-million share offering has garnered bids for 50.6 million shares, showed data by the exchanges. Most bids came from retail investors.
Route Mobile has already allotted shares worth Rs 180 crore to anchor investors. The IPO comprises a fresh fundraise of Rs 240 crore, with the remainder being a secondary share sale. Proceeds will be used to pare debt and make strategic acquisitions. The price band has been set at Rs 345-350 per share. At the top end, the firm will be valued at Rs 2,000 crore on a post-dilution basis. Further, the P/E multiple based on FY20 earnings is close to 30x — similar to other mid-sized IT firms.
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