Mumbai: Cloud communication platform provider
Route Mobilehas received market regulator Securities and Exchange Board of India’s (
Sebi) nod to raise an estimated Rs 600 crore through the
Initial Public Offering(
IPO) route, markets sources said.
The company had earlier received Sebi nod for the IPO in 2018 as well, which had expired.
The offer comprises of fresh shares worth Rs 240 crore and shares worth Rs 360 crore of promoters Sandipkumar Gupta and Rajdipkumar Gupta.
ICICI Securities, Axis Capital, Edelweiss Financial Services and IDBI Capital Markets & Securities are merchant bankers managing Route Mobile’s IPO.
Route Mobile plans to utilize the proceeds from the sale towards repayment and advance payment of certain borrowings, for acquisitions and other strategic initiatives, for the purchase of office premises, and an undisclosed amount for general corporate purposes.
Incorporated in 2004, Route Mobile is among the leading cloud- communication platform service providers to enterprises, over-the-top players and mobile network operators.
IPO
via https://www.AiUpNow.com
January 1, 2020 at 08:20AM by , Khareem Sudlow
