Route Mobile's Rs 600 crore IPO to open on Sep 9

Route Mobile said on Friday it's initial public offering (IPO) will open on September 9 and close on September 11 with a price band of Rs 345 to 350 per equity share.

The public offer comprises a fresh issue worth Rs 240 crore and an offer for sale (OFS) of Rs 360 crore by promoters Y Sandipkumar Gupta and Rajdipkumar Gupta, as per draft red herring prospectus (DRHP) filed by the company.

The equity shares offered are proposed to be listed on both stock exchanges BSE and NSE.

The company proposes to utilise net proceeds towards funding for repayment or pre-payment 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 have been appointed as the book running lead managers to the offer. KFin Technologies is the registrar.

Route Mobile is a cloud communication platform provider catering to enterprises, over-the-top (OTT) players and mobile network operators (MNO).

Its range of enterprise communication services includes smart solutions in messaging, voice, email, SMS filtering, analytics and monetisation.

( With inputs from ANI )