Route Mobile's share price rallied 20 percent on Wednesday over a high trade volume on the bourses with about 62 lakh shares exchanging hands. The stock gained as much as 20 percent to Rs 833.10 per share on the NSE.

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The company was listed on BSE and NSE on Monday, with a strong listing of 102 percent over its issue price of Rs 350. However, the shares ended 8 percent lower due to excessive profit booking.

On its listing day, the trading volumes had touched 2.81 crore equity shares at the time of writing the copy, much higher than the issue size of 1.71 equity shares.

The funds raised from the market will be utilised to repay debt, make a strategic acquisition, purchase office premises in Mumbai and balance for general corporate purposes.

Furthermore, given the leadership position in cloud communication service, strong relations with mobile network operators (MNOs), broadened product and service portfolio over the years through strategic acquisitions and the only listed peer in this space, most analysts and brokerages recommended a long-term investment in the company.

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First Published:Sept 23, 2020 1:19 PM IST