Shares of Route Mobile Ltd on Monday made a stellar stock market debut as they jumped 86 per cent at close of trade against its issue price of Rs 350.
On the BSE, it got listed at Rs 708, reflecting a jump of 102.28 per cent from the issue price. During the day,it rose to a high of Rs 735, registering a gain of 110 per cent. It later closed at Rs 651.10, higher by 86 per cent.
On the NSE, the cloud communications service provider debuted at Rs 717, up 104.85 per cent from the issue price. It finally settled at Rs 650.30, up 85.8 per cent.
Its market valuation was at Rs 3,701.97 crore on the BSE.
In volume terms, 27.27 lakh shares were traded on the BSE and 2.91 crore on the NSE.
Route Mobile's initial public offer was subscribed more than 74 times, mirroring huge investor appetite for the issue.
The company joined the likes of Happiest Minds Technologies Ltd whose shares also jumped over 123 per cent in its debut trade on Thursday against its issue price of Rs 166 per share.
Price range for Route Mobile's Rs 600-crore offer was placed at Rs 345-350 per share.
Rally in Route Mobile's shares were in contrast with weak trend in the domestic equity market as the benchmark Sensex plunged 812 points.
ICICI Securities, Axis Capital, Edelweiss Financial Services and IDBI Capital Markets and Securities were the managers to the offer.
(Published 21 September 2020, 13:03 IST)
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