Root Mobile’s initial Rs 600 crore public offer (IPO) received a resounding response from the investment community. The cloud communications platform provider’s IPO was subscribed 73.30 times, with bids for more than 89 million shares, total issue size of 1,21 crore shares.
The retail investors’ share was subscribed 12.67 times, the non-institutional investors segment attracted bids of 192.81 times and the portion earmarked for qualified institutional buyers was subscribed 89.76 times.
The share offering includes a fresh issue of Rs 240 crore and a Rs 360 crore sale (OFS) offering. The price band has been fixed at Rs 345-350 per share.
Ahead of the IPO, Root Mobile raised Rs 180 crore from anchor investors, including Franklin Templeton Mutual Fund, Goldman Sachs, SBI Life Insurance, Kuwait Investment Authority and Axis Mutual Fund.
The book running lead managers to the issue were ICICI Securities, Axis Capital, Edelweiss Financial Services and IDBI Capital Markets & Securities.
The Root Mobile IPO is the fourth public offering of the year, following the SBI Cards and Payment Services share offering in March, the share sale of Rosari Biotech in July and Happiest Minds IPO at the beginning of the month.
How to check the status of allocation of root mobile IPO?
Allotment status can be checked on KFin Technologies website ie https://ris.kfintech.com/ipostatus/, select IPO and enter either application number, DPID / Customer ID or PAN number.
KFin Technologies Private Limited is the registrar of Root Mobile IPO. A registrar is mandated by the market regulator SEBI to allot shares in a public offering and refunds wherever applicable. Applications are processed electronically and allocation is done according to the criteria set by the points prospectus.
Investors can also visit the BSE website i.e. https://www.bseindia.com/investors/appli_check.aspx, select the name ‘Root Mobile,’ from the drop down list and the IPO application number and PAN card no. .
The shares of Root Mobile are likely to be listed on both BSE and NSE on 21 September.