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Route Mobile Ltd IPO to open on September 9
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SME Times News Bureau | 05 Sep, 2020
Route Mobile, an omni-channel Cloud Communication Service Provider
(CPaaS), on Friday announced to open its initial public offering (IPO)
on September 9 and close it on September 11, 2020, in the price band of
Rs 345-350 per equity share.
In a statement, the company said
that bids by anchor investors shall be submitted, and allocation to them
will be completed on September 8, 2020.
The offer is being made
through the 'book building process', wherein not more than 50 per cent
of the offer shall be allotted on a proportionate basis to Qualified
Institutional Buyers, provided that the company and the selling
shareholders in consultation with the Book Running Lead Managers (BRLM)
may allocate up to 60 per cent of the QIB Portion to anchor investors on
a discretionary basis, it said.
One third of the 'Anchor
Investor Portion' shall be reserved for domestic mutual funds, subject
to valid bids received from the domestic mutual funds at or above the
'Anchor Investor Allocation Price'.
The company proposes to
utilise the net proceeds 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.
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