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Route Mobile, a cloud communication service provider, has fixed a price band of ₹345-350 per share for its ₹600-crore initial public offering (IPO) that will open on September 9.
The company proposes to use the proceeds for repayment of certain borrowings, acquisitions and other strategic initiatives, purchase of office premises in Mumbai and general corporate purposes.
The issue will close on September 11, the company said in a statement.
ICICI Securities Ltd, Axis Capital Ltd, Edelweiss Financial Services Ltd and IDBI Capital Markets & Securities Ltd are the book running lead managers to the offer. KFin Technologies Pvt Ltd is the registrar to the offer.
The company recorded revenue from operations of ₹309.6 crore in the three months ended June 30, 2020, while that for FY20 stood at ₹956.2 crore.
Following the IPO, the shares will be listed on both BSE and NSE.
Established in 2004, Route Mobile is a cloud communications platform service provider catering to enterprises, over-the-top players and mobile network operators.
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