Route Mobile has got the approval from the Market regulator Sebi to launch an initial public offering estimated INR 600 crore. The company had submitted the Draft Red Herring Paper (DRHP) with Sebi in January to get a clearance to float an initial public offer and received the “observations” on 16th August. – According to latest update with the Sebi – a market regulator.

The Securities and Exchange Board of India’s “observations” are essential for any company to float an Initial Public Offering (IPO) and follow-on-public offer (FPO) and other rights issue.

This IPO comprises a sale of a fresh issue of shares worth around INR 350 crore & an offer for sale of around 65 lacs shares by Rajdipkumar Gupta, Sandipkumar Gupta, DRHP filed with the Sebi showed.

The proceeds will be utilized towards the investment in Route Mobile (UK) Ltd for the payment of a loan availed from the Deutsche Bank AG, acquisitions & other strategic initiatives.

About Route Mobile:

Incorporated in 2004, Route Mobile is a leading cloud communication platform service provider to giant enterprises over the top mobile network operators.