Shares of Route Mobile gained 5.6% to Rs 871.8, rising for the fourth consecutive session.
Route Mobile has surged 33.9% in four trading days from its previous closing low of Rs 651.10 on 21 September 2020.Goldman Sachs India Fund, Goldman Sachs Trust Emerging Markets Equity Fund and GS FDS Sicav GS Global Emg Mkts EQ Portfolio bought a combined 24.09 lakh equity shares worth Rs 170 crore at Rs 705.95 per share on 21 September via bulk deal on the NSE.
Meanwhile, Kuwait Investment Authority A/C Kuwait Investment Auth FD 225 bought 5,78,504 shares of Route Mobile at Rs 697.25 per share on 21 September 2020 through bulk deal on the NSE.
Shares of Route Mobile were listed on 21 September 2020. The stock was listed at Rs 708, a premium of 102.29% to the initial public offer (IPO) price of Rs 350 a share. On that day, the stock closed at Rs 651.10 on BSE, a premium of 86.03% over the IPO price.
The Route Mobile IPO was open for bidding between 9th and 11th September 2020. The price band was set at Rs 345-350 per share. The IPO was subscribed 73.30 times. It received bids for 89.23 crore shares as against 1.21 crore shares on offer.
On a consolidated basis, Route Mobile recorded sales of Rs 309.61 crore and net profit of Rs 27.09 crore in the quarter ended on 30 June 2020.
Route Mobile (RML) is a cloud communications platform service provider (CPaaS), catering to enterprises, over-the-top (OTT) players and mobile network operators (MNO). It offer a range of cloud communication services to clients across diverse sectors including but not limited to banking and financial services, aviation, retail, e-commerce, logistics, healthcare, hospitality, media and entertainment, pharmaceuticals and telecom.
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