Route Mobile makes stellar debut, closes 86% above issue price

Route Mobile (RML) made a stellar debut at the bourses on Monday, ending the session at Rs 650, a gain of 86 per cent against its issue price of Rs 350 per share. During the session, the stock hit a high of Rs 735, up 110 per cent against the issue price.

The stock listed at Rs 717, a 105 per cent premium against its issue price on the National Stock Exchange (NSE). On the BSE, shares hit a high of Rs 735, after opening at Rs 708. It touched a low of Rs 625 in intra-day trade on the NSE and BSE.

This is the second public issue in which investors’ money more-than-doubled on listing day. Last week, on Thursday, September 17, shares of Happiest Minds Technologies made a similar debut at the bourses, with the stock ending at Rs 371, a 123 per cent gain against its issue price of Rs 166 per share.