ICICI Securities Limited ("I-Sec") is pleased to announce the successful closure of the Initial Public Offering (IPO) of Route Mobile Limited ("Route Mobile"). Route Mobile is one of the leading omni-channel cloud communication services provider to enterprises, OTT players and mobile network operators globally.
I-Sec delivered its full service strength as a Left Lead Banker and the best all-round marketing performance. The IPO received an unprecedented response from investors with the issue being oversubscribed 74+ times with the QIB category getting subscribed 91+ times.
I-Sec maintained its #1 rank in Tech IPOs with Route Mobile IPO being the 6th Tech IPO as a Left Lead Manager and being part of 8 out of 10 Tech IPOs since 2016 (led by dedicated technology coverage team which is one of few across banks).
Key Highlights of the IPO
Cloud Communication Service Provider: This marks the maiden IPO of an omni-channel cloud communication platform as a service provider from Indian markets. Route Mobile enables enterprises to leverage various modes of digital communication to engage with their stakeholders; processing ~30bn billable transactions in FY20.
Offer Size: The offer size was INR 6,000 mm consisting of primary issuance of INR 2,400 mm and an offer for sale of INR 3,600 mm. The book built offer price was INR 350 per equity share.
Strong Investor Response: The offer has received overwhelming demand from all categories of investors despite volatile market conditions and pandemic and got subscribed over 91.1 times by QIBs, over 192.8 times by Non Institutional Investors and over 12.9 times by Retail Investors.
Marquee Investor Participation: Prominent investors participated in the Anchor including ICICI Prudential MF, Franklin Templeton, Goldman Sachs, Eastspring Investments, Axis MF, Birla MF, Mirae, SBI Life and Oldbridge.
Shares of ICICI Securities Ltd was last trading in BSE at Rs.477.6 as compared to the previous close of Rs. 483.35. The total number of shares traded during the day was 7161 in over 396 trades.
The stock hit an intraday high of Rs. 488.3 and intraday low of 476.1. The net turnover during the day was Rs. 3451247.