Route Mobile to launch Rs 600-crore initial public offering next week

The company had received approval from markets regulator Sebi in December 2019 to float the initial public offer

Route Mobile, a cloud communications service provider, will launch its initial public offering next week to raise an estimated Rs 600 crore, merchant banking sources said on Thursday.

The public offer comprises a fresh issue worth Rs 240 crore and an offer for sale (OFS) of Rs 360 crore by promoters -- Y Sandipkumar Gupta and Rajdipkumar Gupta, as per the draft red herring prospectus (DRHP) filed by the company.

Additionally, a pre-IPO placement aggregating up to Rs 100 crore may be considered in consultation with the book running lead managers (BRLMs) which will reduce the size of the offer, retrospectively, the