New Delhi, Sep 4 (IANS): Route Mobile, an omni-channel Cloud Communication Service Provider (CPaaS), on Friday announced opening of its initial public offering (IPO) on September 9 and its closing on Sep 11, at the price band of Rs 345-350 per equity share.

In a statement, the company said that bids by anchor investors shall be submitted, and allocation to them will be completed on September 8.

The offer is being made through the 'book building process', wherein not more than 50 per cent of the offer shall be allotted on a proportionate basis to Qualified Institutional Buyers, provided that the company and the selling shareholders in consultation with the Book Running Lead Managers (BRLM) may allocate up to 60 per cent of the QIB Portion to anchor investors on a discretionary basis, it said.

One-third of the 'Anchor Investor Portion' shall be reserved for domestic mutual funds, subject to valid bids being received from the domestic mutual funds at or above the 'Anchor Investor Allocation Price'.

The company proposes to utilise the net proceeds towards funding for repayment or pre-payment, in full or part, of certain borrowings of the company, acquisitions and other strategic initiatives, purchase of office premises in Mumbai and general corporate purposes.