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23-Jan2018

Route Mobile files DRHP with SEBI for IPO

Route Mobile has filed Draft Red Herring Prospectus (DRHP) with markets regulator Securities and Exchange Board of India (SEBI) to raise an estimated Rs 600 crore through an initial share-sale. The Initial Public Offer (IPO) will comprise fresh issue of shares worth Rs 350 crore and an offer for sale of up to 65 lakh shares by founders Sandipkumar Gupta and Rajdipkumar Gupta.

The funds raised through the issue will be used towards investment in Route Mobile (UK) for payment of the loan availed from Deutsche Bank AG as well as for acquisitions and other strategic initiatives. The proceeds will also be used for investment in subsidiaries for purchase of office premises in London and Singapore; purchase of business process outsourcing centre in Noida and for other general corporate purposes.

Motilal Oswal Investment Advisors, Yes Securities and IDBI Capital Markets and Securities are book running lead managers to the issue.

Incorporated in 2004, Route Mobile is among the leading cloud- communication platform service providers to enterprises, over-the-top players and mobile network operators. The company's revenue from operations stood at Rs 463.09 crore in 2016-17, while profit after tax was at Rs 60.63 crore.


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