Mumbai: Route Mobile, cloud communications service firm, on Friday fixed price band of Rs 345-350 a share for its Rs 600 crore-initial share-sale offer that will open for public subscription on September 9.
The public offer comprises a fresh issue worth Rs 240 crore and an offer for sale (OFS) of Rs 360 crore by promoters Sandipkumar Gupta and Rajdipkumar Gupta, Route Mobile said. The initial public offer (IPO) will conclude on September 11 and the offer for anchor investors will be finalised by September 8.
Up to 50 per cent of the issue can be reserved for qualified institutional buyers, and 60 per cent of this portion can be kept aside for anchor investors, while 35 per cent will be for retail investors and 15 per cent for non-institutional bidders. Its promoter and MD Rajdipkumar Gupta said it is targeting acquisitions, retiring part of the financial liabilities (at Rs 54.9 crore) and having one more office in Mumbai through the proceeds of the issue. The company had received approval from markets regulator Sebi in December 2019 to float the IPO.
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