The primary market issue from Route Mobile Limited was oversubscribed 74 times. The company had tapped the capital markets with its fresh issue for Rs 240 crs and an offer for sale of Rs 360 crs in a price band of Rs 345-360. Earlier the company had allotted 51,42,856 equity shares to 15 investors comprising of 23 entities. The highest allotment of 3,94,890 shares or 7.68% of the anchor portion was made to 6 investors or entities. These comprised names such as Franklin, Goldman Sachs, SBI Life Insurance, Kuwait Investment Authority, Vantage Equity Fund and Axis Mutual Fund.

The issue was open from Wednesday the 9th of September to Friday the 11th of September. The QIB portion was subscribed 91.06 times, HNI portion 195.61 times, Retail portion was subscribed 12.85 times. The overall issue was subscribed 74.36 times. There were 15.16 lac applications and on the basis of number of forms the issue was subscribed in retail by 10.11 times.

Full details of subscription are given below: –

Happiest Mind Technologies Limited which had tapped the capital markets received overwhelming support and was oversubscribed 150.98 times. The company had tapped the capital markets with its fresh issue of Rs 110 crs and an offer for sale of 3.566 cr shares in a price band of Rs 165-166. The issue opened on Monday the 7th of September and closed on Wednesday the 9th of September.

Earlier the company had allotted 1,90,30,541 equity shares to 25 Anchor investors comprising of 38 entities. The highest allocation of 10,84,320 equity shares has been made to Government of Singapore. This amounts to 5.70% of the issue size. The next highest allocation is made to 13 investors who have each been allotted 9,63,810 shares or 5.06% of the anchor allocation.

The issue saw the QIB portion subscribed 77.43 times, HNI portion subscribed 351.46 times and Retail portion subscribed 70.94 times. The overall issue was subscribed 150.98 times. There were over 22 lac applications. This implied that the retail portion on number of forms basis, was subscribed 46.85 times. This is a huge number and clearly implies the increase in retail participation in the issue.

The cost of funding of the leveraged HNI is well below the grey market premium currently. With poor allotment post the 350-time subscription, HNI would like to sell his shares in the grey market and reduce his risk to the bare minimum. Suffice to say that the premium which was ruling at around Rs 105 is likely to be under pressure in the coming days. The share is likely to list on Wednesday, the 1th of September.

Full details of the subscription is given below: –