Route Mobile Shares gained 100% on the first day of debut
Stock Market News: On Monday, Route Mobile shares listed on BSE and NSE. The shares jumped over 100 percent premium to the issue price. According to the news, the company had fixed an issue price between Rs. 345 – Rs. 350 per equity share. On the first day of the debut, the company has exchanged around 2,75,79,826 shares on the NSE counter, while a total of 25,71,205 shares changed hands on the BSE counter.
As of the source, the shares listed at Rs. 717, a 104.86% premium over its issue price while, on BSE, the shares started debut at Rs. 708, a 102.29% premium.
The Route Mobile opened its debut at Rs. 717.00. It hits a day high price of Rs. 735.00 and a day low price of Rs. 625.00.
According to the news, the IPO was subscribed nearly 75 times on the last day of subscription. The issue received bids for around 89 crores shares against the total issue size of 1.21 crores shares.
Moreover, the issue received bids over 12.85 times from the retail individual investors, while qualified institutional investors subscribed 91 times and non-institutional investors subscribed around 195.61 times.
At present, the share price of Route mobile traded at Rs. 657.15 on NSE and Rs. 657.00 on BSE. The market cap of the stock stood at Rs. 3,908.08.
However, the IPOs received a huge response from the retail investors. Happiest mind technology shares started its debut on the stock market on 17th September. On the first day, the Happiest Minds shares listed at more than double to its issue price.
Stock Market September 21st:
At 2:50 PM (IST), both Sensex and Nifty continued in a bearish trend in the stock market. The BSE Sensex dropped 660.63 points with a 1.70% decrease and reached a 38,185.19 level. Besides, the Nifty decreased 210.30 points with a 1.83% decrease and reached the 11,294.65 level.
On the other side, the number of coronavirus cases in India reached 54,87,580 as of Monday, September 21st, and deaths reached 87,882.
In the border markets, the S&P BSE Small-Cap reported a bearish trend in the stock market. It declined 463.53 points with a 3.03% decrease and reached the 14,836.45 level. The S&P BSE Mid-Cap drops 420.24 points with a 2.79% decrease and reached a 14,627.56 level. While the Nifty Bank drops 547.60 points with a 2.49% drop and reached the 21,483.45 level.