Cloud communication platform provider Route Mobile is set to open its initial public offering (IPO) for three days on September 9. The closing date for the IPO is September 11. The book running lead managers to public issue are ICICI Securities, Axis Capital, Edelweiss Financial Services and IDBI Capital Markets & Securities. KFin Technologies is registrar to the offer. Equity shares are proposed to be listed on National Stock Exchange of India and BSE Limited. 

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The company plans to garner Rs 600 crore via public issue. The IPO comprises a fresh issue of up to Rs 240 crore and an offer for sale of up to Rs 360 crore by promoters. 

Promoters Sandipkumar Gupta, Non-Executive Director, and Rajdipkumar Gupta, Managing Director are going to sell Rs 180 crore worth of shares each via offer for sale. 

Route Mobile IPO price band 

Route Mobile has fixed a public offer price band at Rs 345-350 per share. One can bid for a minimum of 40 equity shares and in multiples of 40 equity shares thereafter. 

Who is Route Mobile? 

Incorporated in 2004, Route Mobile is a cloud communications platform service provider, catering to enterprises, over-the-top (OTT) players and mobile network operators (MNO). Its portfolio comprises solutions in application-to-peer (A2P) / peer-to-application (P2A) / 2Way Messaging, RCS, OTT business messaging, voice, email, and omni-channel communication. 

Its global operations included nine direct and 12 step-down subsidiaries serving clients through 18 locations across Africa, Asia Pacific, Europe, Middle East and North America. 

Should you buy? 

Zee Business Managing Editor Anil Singhvi suggests that investors should look at this IPO for listing gains or long term investments.  

Meanwhile, the company on Tuesday said it has garnered Rs 180 crore from 15 anchor investors ahead of its initial share-sale offer that opens for public subscription on Wednesday. Goldman Sachs, Franklin Templeton Mutual Fund, SBI Life Insurance, Kuwait Investment Authority, Vantage Equity Fund, Axis Mutual Fund, Macquarie and SBI Mutual Fund are among the anchor investors, according to information available with stock exchanges.