Shares of Route Mobile made a stellar debut on exchanges on Monday as they jumped nearly 105 per cent premium against its issue price of Rs 350. The Rs 600-crore IPO of Route Mobile was subscribed more than 74 times, mirroring huge investor appetite for the issue.
At the S&P BSE, it got listed at Rs 708, reflecting a jump of 102.28 per cent from the issue price. It later rose to a high of Rs 735, registering a gain of 110 per cent.
Similarly on the NSE, the IPO of the cloud communications service provider debuted at Rs 717, up 104.85 per cent from the issue price.
After the IPO was subscribed 74.36 times, Route Mobile joined the likes of Happiest Minds Technologies Ltd whose shares also jumped over 123 per cent in its debut trade on Thursday against its issue price of Rs 166 per share.
Price range for Route Mobile’s Rs 600-crore offer was placed at Rs 345-350 per share.
ICICI Securities, Axis Capital, Edelweiss Financial Services and IDBI Capital Markets and Securities were 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.