Route Mobile Shares: Route Mobile initial public offer was subscribed by a whopping 73.30 times.The cloud communication services provider Route Mobile, which had concluded its initial public offering (IPO) on September 11, made a strong debut on the stock exchanges on Monday i.e.

September 21.

The shares of Route Mobile listed at Rs 708 on the BSE, a premium of 102.29 per cent compared to the issue price of Rs 350 per share.

On the NSE, the shares listed at Rs 717, a premium of Rs 104.86 over the issue price.The shares of Route Mobile soon came off their days highs.

At 10:22 am, the shares were trading at Rs 652.25, up 86.35 per cent on the BSE and at Rs 652.40, up 86.40 per cent on the NSE.One may recollect that Happiest Minds Technologies shares had given a bumper premium of around 110 per cent on debut last week.The Mumbai-headquartered Route Mobile's public share offering was open for bidding for 3 days from September 9 to September 11.The IPO was subscribed by a whopping 73.30 times.

The primary market offer had received bids for over 89 crore shares vis-a-vis the total issue size of 1,21 crore shares, as per stock exchanges data.

The retail investors segment received subscription of 12.67 times, non-institutional investors segment attracted bids worth 192.81 times and qualified institutional buyers segment, 89.76 times.The public offering had consisted of fresh issue of Rs 240 crore and offer for sale (OFS) amounting to Rs 360 crore.Sandipkumar Gupta and Rajdipkumar Gupta established Route Mobile in 2004.

Route Mobile is a leading provider of Communications Platform as a Service (CPaaS) and a tier-one application-to-peer (A2P) service.

It provides solutions in messaging, voice, analytics and monetization.

The company caters to clients in Africa, Asia Pacific, Middle East, North America and Europe.Route Mobile IPO is the fourth public listing this year, following the SBI Cards and Payment Services' share offering in March, Rossari Biotech's share sale in July and Happiest Minds IPO this month.