Route Mobile IPO Oversubscribed by 73 times

Route Mobile IPO Oversubscribed by 73 times

Route Mobile initial public offer has received tremendous investor interest with 73 times oversubscription. The strong bids mainly came from institutional investors with their bids 192 times the number of shares the company planned to sell. Retail investors placed 12.6 times more bids than the shares Route Mobile has planned to sell to retail investor category.

Route Mobile IPO was open between September 9 and 11, 2020. The company aimed to sell 1.21 crore shares and so far it has received bids for 89 crore shares. As markets are going strong after declines seen in March 2020, IPO markets have also witnessed strong investor interest. The price band was fixed between Rs 345 – 350 per share.

Earlier, Happiest Minds IPO received 151 times subscription from investors. Route Mobile IPO is the fourth IPO for the year as COVID-19 pandemic shelved plans of many other companies to go public.

Route Mobile stock is expected to open strong. The stock will list on the exchanges on 21 September.