J. Sagar Associates (JSA) advised ICICI Securities Limited, Axis Capital Limited, Edelweiss Financial Services Limited and IDBI Capital Markets & Securities Limited (together the “BRLMs”) in relation to the recently concluded initial public offering of Route Mobile Limited (RML). The Prospectus was filed on September 15, 2020, comprising of a public issue of approximately 17,142,856 Equity Shares of face value of ₹ 10 each, at a premium of ₹ 340 each, aggregating to ₹ 6,000.00 million, comprising a fresh issue of ₹ 2,400.00 million and an offer for sale by the promoters of RML, namely, Sandipkumar Gupta and Rajdipkumar Gupta, aggregating to ₹ 3,600.00 million. As per news reports, RML’s initial public offering received over 15 lakh applications from investors across categories with an overall subscription of ⁓ 74.36x, garnering ₹ 312,000 million.
This IPO is the first ever Indian IPO by a global CPaaS player and the third IPO in India amidst the ongoing COVID-19 pandemic.
RML provides cloud-communication platform as a service (“CPaaS”) to enterprises, over-the-top (“OTT”) players and mobile network operators (“MNOs”). It was ranked as a tier one application-to-peer (“A2P”) service provider internationally and for ‘value added services’ provided, ‘implementation process’ and ‘uptime performance’ among tier one vendors. It was also ranked second globally as a tier one A2P service provider in 2017. RML’s range of enterprise communication services include A2P / P2A / 2Way Messaging, Rich Communication Services (“RCS”), OTT business messaging, voice, email, and omni-channel communication. Further, RML also offers SMS analytics, firewall, filtering and monetization, SMS hubbing and Instant Virtual Number (“IVN”) solutions to MNOs across the globe. RML’s clients include some of the world’s largest and well-known organisations, including a number of Fortune Global 500 companies.
JSA Team comprised Partner – Arka Mookerjee; Principal Associate – Siddhartha Desai; Associates – Ananth Balaji, Kinjal Shah and Kairav Parikh.
Arka’s practice area covers primarily equity capital markets issuances which covers a wide range of products such as Initial Public Offerings, Rights Issues, Qualified Institutions Placements, Initial Public Offering of Infrastructure Trusts and foreign currency convertible bonds.