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Route Mobile Files Draft IPO papers with SEBI

Route Mobile Files Draft IPO papers with SEBI:

Route Mobile Ltd, a provider of cloud-communication platform services, on Monday filed the draft red herring prospectus (DRHP) for its initial public offering (IPO).

According to the draft prospectus, the share sale will include a fresh issue worth Rs 350 crore, while the promoters will offer 6.5 million shares in an offer for sale.

The net proceeds from the Issue would be utilised towards investment in Route Mobile (UK) Limited for repayment / prepayment of the loan; repayment or pre-payment of certain existing loan facilities; and acquisitions and other strategic initiatives.

The company will also use issue proceeds for investment in subsidiaries for purchase of office premises in London and Singapore; purchase of business process outsourcing centre in Noida and general corporate purposes.

Incorporated in 2004, Route Mobile provides a range of services which include messaging, voice, email and SMS filtering, analytics and monetisation.

As of December 2017, the company has over 23,000 clients. Its global operations included eight direct and seven step-down subsidiaries serving clients through 15 locations across Africa, Asia Pacific, Europe, Middle East and North America.

In fiscal 2017, Route Mobile reported a revenue of Rs 207 crore, up 7.5% compared to the previous year. It reported a profit of Rs 51.94 crore in 2016-17, up 77.7% from a year earlier.

Motilal Oswal Investment Advisors Limited, IDBI Capital Markets & Securities Limited and YES Securities (India) Limited are the book running lead managers to the issue.

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