Route Mobile mops up Rs 180 crore from 15 anchor investors ahead of IPO

SBI Mutual Fund, SBI Life Insurance, Goldman Sachs, ICIC Prudential, Franklin Templeton, Kuwait Investment Authority, Vantage Equity, and Axis Mutual Fund among 15 investors participated for the anchor book

Route Mobile, the omnichannel cloud communication service provider (CPaaS), has garnered Rs 180 crore from 15 anch

or investors on September 8, a day ahead of IPO opening.

"In anchor investors portion in the public issue of Route Mobile, 51,42,856 equity shares have been subscribed at Rs 350 per equity share," said the company in its statement published on exchanges.

The cloud communication service provider will open its Rs 600-crore initial public offering (IPO) on September 9 and the same will close on September 11.

The price band has been fixed at Rs 345-350 per equity share.

The public issue consists a fresh issue of Rs 240 crore and an offer for sale of Rs 360 crore by promoters.

Route Mobile will utilise fresh issue proceeds for repayment of certain borrowings; 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 & Securities are book running lead managers to the issue.

Established in 2004, Route Mobile provides cloud communications platform services to enterprises, over-the-top (OTT) players and mobile network operators (MNO).

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