Route Mobile IPO fully subscribed on day 1, most bids from retail investors

The funds raised will be utilized to repay debt, make strategic acquisition and purchase office premises in Mumbai. The price band for the IPO is Rs 345 to Rs 350 per share

The Rs 600-crore IPO of Route Mobile garnered full subscription on Wednesday, the first day of the issue. Most of the bids so far have come from retail investors. The mobile technology enabler had on Tuesday allotted shares worth Rs 180 crore to anchor investors which included SBI Mutual Fund, Goldman Sachs and Franklin Templeton. Route Mobile IPO comprises fresh fund raising worth Rs 240 crore and the remaining is a secondary share sale by promoters.

The funds raised will be utilized to repay debt, make strategic acquisition and purchase office premises in Mumbai. The price band for the IPO