After Happiest Minds Tech, Route Mobile doubles the money invested in the IPO
- Route Mobile made a strong debut on the bourses on Monday, surging 105% over its initial public offer (IPO) price.
- Route Mobile issued the IPO at a price band of ₹350, but it listed at ₹717 apiece.
- Route Mobile’s total market cap rose to ₹3,980 crore at 10:05 am.
The company had garnered a stellar response from investors in its ₹600-crore IPO, which closed on September 11 with a whopping oversubscription of 73.30 times. Investors who applied for the IPO are being rewarded with hefty gains. Route Mobile issued the IPO at a price band of ₹350, but it listed at ₹717 apiece, with an upside of 105%.
|Top IPOs this year||Listing gains|
|Happiest Minds Technologies Ltd||138%|
|Rossari Biotech Ltd||65%|
|SBI Cards and Payment Services Ltd||-12%|
|Mindspace Business Parks||10.55%|
However, the weakness in the market weighed on the shares and it was trading 9% lower at ₹646 a piece at 10:12 am.
Route Mobile’s total market cap rose to ₹3,980 crore at 10:05 am. A total traded quantity of 10.31 lakh shares changed hands on BSE amounting to a turnover of ₹73.76 crore.
The company will trade with the symbol of ‘ROUTE’ on the Indian stock exchanges.
The bumper listing was already on the cards!
After a strong debut of Happiest Minds Tech last week, Route Mobile was already expected to witness stellar listing. Its monopoly in the sector is something that makes the company stand out in the IPO rush.
Ahead of its IPO, the company had already raised ₹180 crore from 15 anchor investors, including Goldman Sachs, Franklin Templeton Mutual Fund, and SBI Life Insurance, Kuwait Investment Authority, Vantage Equity Fund, and SBI Life Insurance, among others.
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