Multichannel cloud communication service (CPaaS) provider Route Mobile has decided to launch its initial public offering on September 9 at an issue price band of Rs 345-350 per share.

The company plans to raise Rs 600 crore via public issue which comprises a fresh issue of up to Rs 240 crore and an offer for sale of up to Rs 360 crore by promoters.

Promoters Sandipkumar Gupta, Non-Executive Director, and Rajdipkumar Gupta, Managing Director are going to sell Rs 180 crore worth of shares each via offer for sale.

The issue will close on September 11 while the investment by anchor investors will be finalised on September 8. Minimum bid lot is 40 equity shares and in multiples of 40 equity shares thereafter.

The company will utilise the fresh issue proceeds towards funding for repayment or pre-payment of certain borrowings; acquisitions and other strategic initiatives; purchase of office premises in Mumbai; and general corporate purposes.

Established in 2004, Route Mobile is a cloud communications platform service provider, catering to enterprises, over-the-top (OTT) players and mobile network operators (MNO). Its portfolio comprises solutions in application-to-peer (A2P) / peer-to-application (P2A) / 2Way Messaging, RCS, OTT business messaging, voice, email, and omni-channel communication.

The company has served more than 30,150 clients since its inception, as of June 30, 2020. The business verticals of the company include enterprises, mobile operator, and business process outsourcing for clients across Africa, Asia Pacific, Europe, the Middle East and North America.

The company operates through prepaid and postpaid business models with high operating margins and low-cost base.

ICICI Securities, Axis Capital, Edelweiss Financial Services and IDBI Capital Markets & Securities are the book running lead managers to the offer, while KFin Technologies is appointed as the registrar to the offer.