Route Mobile Ltd.’s stock more than doubled on the first day of trading as investors piled into share sales of companies expected to gain from rapid adoption of digital services.
Shares of the Mumbai-based email, voice, messaging and analytics services provider opened at Rs 733.95 apiece, a 110% premium to the issue price of Rs 350. This is the second listing this month after Happiest Minds—the best debut in nearly a year—and fourth since the Covid-19 pandemic disrupted the economy.
Route Mobile’s initial public offering was subscribed 74.36 times on the final day of bidding on Sept. 11. The issue received 89.23 crore bids against the 1.2 crore shares on offer. The demand was led by non-institutional investors, the portion reserved for which subscribed 195.61 times. Institutional investors bid 91.06 times on shares earmarked for them, while the retail category subscribed 12.85…