Route Mobile IPO - Sep 11, 2020 - Angel Broking

Mr. Keshav Lahoti - Associate Equity Analyst, Angel Broking Ltd

"As expected, Route Mobile received an overwhelming response from all the category of investors. IPO was subscribed 73.3 times on the last day of bidding. NII category saw the best response, it was subscribed 192.8 times. QIB and retail category were subscribed by 89.8 times and 12.7 times respectively. We are positive on the future outlook for the industry as well as the Company, so we have recommended investors to "Subscribe" to the issue for long term as well as for listing gains.

Investment rationale:

(1) Diversified and global client base across industries
(2) Experienced promoters and management team
(3) Strong return ratios i.e. above 25% ROE and RoCE coupled with negative working capital cycle.
(4) Scalable delivery platform supported by robust infrastructure
(5) Robust business model and consistent financial track record".

Source : Equity Bulls

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