Route Mobile’s Rs 600-crore initial public offer (IPO) was subscribed 74.36 times on the final day of bidding on Friday. The cloud communications service provider received bids for over 89 crore shares as against the total issue size of 1.21 crore shares.

With the help of the public issue, the company aims to raise Rs 600 crore which consists of fresh issue of Rs 240 crore and an offer for sale of Rs 360 crore. Price range for the offer was Rs 345-350 per share.

Qualified institutional buyers (QIBs) category was subscribed 91 times, non-institutional investors category 195.61 times and retail individual investors portion was subscribed 12.85 times, according to merchant bankers.

On Tuesday, Route Mobile garnered Rs 180 crore from anchor investors.

The company proposes to utilise the net proceeds 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.

ICICI Securities, Axis Capital, Edelweiss Financial Services and IDBI Capital Markets and Securities are the managers to the offer.

The cloud communications service provider has direct connection with 240 telcos and more than 800 mobile network operators spread across the globe.