Route Mobile to launch Rs 600-crore initial public offering next week

Route Mobile, a cloud communications service provider, will launch its initial public offering next week to raise an estimated Rs 600 crore, merchant banking sources said on Thursday.

The public offer comprises a fresh issue worth Rs 240 crore and an offer for sale (OFS) of Rs 360 crore by promoters — Y Sandipkumar Gupta and Rajdipkumar Gupta, as per the draft red herring prospectus (DRHP) filed by the company.

Additionally, a pre-IPO placement aggregating up to Rs 100 crore may be considered in consultation with the book running lead managers (BRLMs) which will reduce the size of the offer, retrospectively, the draft papers noted.