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  • Route Mobile garners 179.99 Crs from 15 anchors ahead of IPO

    Published on September 9, 2020

    by Sachin Murdeshwar

    Mumbai, September 8, 2020: Route Mobile, the leading Omni channel Cloud Communication Service Provider (CPaaS),to enterprises, over-the-top (“OTT”) players and mobile network operators (“MNOs”), with a client base including the world’s largest and well known organizations across social media companies, banking and financial services, aviation, retail, e-commerce, logistics, healthcare, hospitality, telecom sector; will open its initial public offering on September 9, 2020 and will close on September 11, 2020, with a price band of ₹ 345 – ₹ 350per Equity Share.

    According to the regulatory filing, Route Mobile has finalized the allocation of 51,42,856 shares at Rs 350 apiece to 15 anchor investors. Based on the price the total proceeds would be to the tune of 180 crores.

    The company found interest and participation from well-known institutions across the globe particularly US, UK and Asia besides participation from some large mutual funds in India. The participants to the anchor investor bidding were Franklin Templeton Mutual Fund, Goldman Sachs, SBI Life Insurance, Kuwait Investment Authority, Vantage Equity Fund, Axis Mutual Fund, Macquarie, Theleme Master Fund, SBI Mutual Fund, ICICI Prudential, Nippon India, Aditya Birla Sun Life, IIFL, Trust & Services Custody Bank , trustee of Wells Capital and Mirae Asset Mutual Fund

    A total of 7 Mutual funds have applied through 15 schemes

    The Company is proposing to raise ₹600.00 crore via the fresh issue of ₹240 crore and OFS of ₹360 crore. Utilization of the Net Proceeds will be towards funding for repayment or pre-payment, in full or part, of certain borrowings of the Company; acquisitions and other strategic initiatives; purchase of office premises in Mumbai; and general corporate purposes.

    Sr. No.Name of the Anchor InvestorNo. of Equity Shares allocatedNo. of Equity Shares allocated as a Percentage of Equity Shares allocated under the Anchor Investor Portion (%)Bid Price/Anchor Allocation Price (Rs. Per Equity Share)Total Amount Allocated (Rs.)
    1FRANKLIN INDIA SMALLER COMPANIES FUND3,94,840 7.68% 350.0013,81,94,000.00 
    2GOLDMAN SACHS INDIA LIMITED3,94,840 7.68% 350.0013,81,94,000.00 
    3SBI LIFE INSURANCE CO. LTD3,94,840 7.68% 350.0013,81,94,000.00 
    4KUWAIT INVESTMENT AUTHORITY FUND 2253,94,840 7.68% 350.0013,81,94,000.00 
    5VANTAGE EQUITY FUND3,94,840 7.68% 350.0013,81,94,000.00 
    6AXIS MUTUAL FUND TRUSTEE LIMITED A/C AXIS MUTUAL FUND A/C AXIS SMALL CAP FUND3,94,840 7.68% 350.0013,81,94,000.00 
    7MACQUARIE UNIT TRUST SERIES- MACQUARIE ASIA NEW STARS FUND2,97,320 5.78% 350.0010,40,62,000.00 
    8THELEME MASTER FUND LIMITED2,97,320 5.78%350.0010,40,62,000.00
    9SBI CONTRA FUND2,85,6805.55%350.009,99,88,000.00
    10ADITYA BIRLA SUN LIFE TRUSTEE PRIVATE LIMITED A/C ADITYA BIRLA SUN LIFE SMALL CAP FUND2,80,3205.45% 350.009,81,12,000.00
    11IIFL SPECIAL OPPORTUNITIES FUND – SERIES 71,99,9393.89%350.006,99,78,650.00
    12TRUST AND  CUSTODY SERVICES BANK, LTD. AS TRUSTEE FOR WELLS CAPITAL EMERGING EQUITY MOTHERFUND1,99,9383.89%  350.006,99,78,300.00
    13ICICI PRUDENTIAL MIDCAP FUND1,97,4003.84%350.006,90,90,000.00
    14MIRAE ASSET TAX SAVER FUND MIRAATSFD 1,85,659 3.61% 350.00 6,49,80,650.00
    15RELIANCE CAPITAL TRUSTEE CO LTD-A/C NIPPON INDIA SMALL CAP FUND1,73,4403.37% 350.006,07,04,000.00
    16RELIANCE CAPITAL TRUSTEE CO LTD-A/C NIPPON INDIA CAPITAL BUILDER FUND IV – SERIES C1,42,8402.78% 350.004,99,94,000.00
    17ADITYA BIRLA SUN LIFE TRUSTEE PRIVATE LIMITED A/C ADITYA BIRLA SUN LIFE DIGITAL INDIA FUND1,14,5202.23% 350.004,00,82,000.00
    18ICICI PRUDENTIAL TECHNOLOGY FUND98,720 1.92% 350.003,45,52,000.00
    19ICICI PRUDENTIAL VALUE FUND – SERIES 2098,720 1.92% 350.003,45,52,000.00
    20SBI TECHNOLOGY OPPORTUNITIES FUND 85,720 1.67% 350.003,00,02,000.00
    21RELIANCE CAPITAL TRUSTEE CO LTD-A/C NIPPON INDIA CAPITAL BUILDER FUND IV – SERIES D78,5601.53% 350.002,74,96,000.00
    22SBI TAX ADVANTAGE FUND SERIES II23,4400.46%350.0082,04,000.00
    23MIRAE ASSET EQUITY SAVINGS FUND14,2800.28%350.0049,98,000.00
    Total51,42,856100.00%1,79,99,99,600.00

    Brokerage houses like Hem Securities, Choice Capital, Asit C Mehta Investment Intermediates, Religare Broking have given the issue a subscribe rating with a long term view considering its diverse offerings to enterprises across a broad range of industries, established presence in all major geographies, continuous investment in technology, product and service offerings, its focus on innovation besides the company’s leadership in the cloud communications space along with the industries future prospects and positive trends

    ICICI Securities Limited, Axis Capital Limited, Edelweiss Financial Services Limited and IDBI Capital Markets & Securities Limited have been appointed as the BRLMs to the issue.

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