Route Mobile made a strong debut on the bourses, with the stock rising 86 per cent above its issue price on its listing. Shares of the Cloud communications service provider opened at Rs 708 apiece — 102 per cent above the issue price of Rs 350. However, the stock fell and ended the session at Rs 651. Following the listing, the firm commands Rs 3,702 crore.
The Rs 600-crore IPO of Route Mobile was subscribed 75x. The offering comprised fresh fundraising worth Rs 240 crore, with the remainder being a secondary share sale by promoters. The funds raised will be utilised to repay debt, make strategic acquisitions, and purchase office premises.