Route Mobile: Cloud Communication Services Provider Root Mobile has proved to be the largest multi-bagger among the new entrants of the year 2020. The share of Root Mobile reached a record high in today’s business. Today the stock touched 1008 with a rise of more than 6 percent, while it closed at Rs 949 yesterday. The stock has gained over 26 per cent in the last 4 days. At the same time, since the listing on the stock market on September 21, the stock has given 188 percent return to investors. The company has also presented strong quarterly results, which has given support to the stock.
188% increase over the issue price
The share of Root Mobile was listed on the stock market on September 21. The issue price of this IPO was Rs 350. The issue got a strong entry in the market and it was listed at a price of Rs 708 on more than 100 per cent prizes. However, on 21 September it closed at Rs 651 with an 86 per cent premium. Today, on October 30, the stock reached Rs 1008, which is 188 per cent more than the issue price. Those who would have invested Rs 5 lakh in the share, their money has increased to around 14.5 lakh.
Company profits double
Root Mobile’s profit doubled to Rs 32.7 crore in the September quarter. This is the company’s first-quarter result after being listed in the market. The company had a profit of Rs 13 crore in the same quarter last year. After better quarterly results, the company’s shares have risen 26 per cent in the last 4 days. The company’s revenue grew by 78 percent to Rs 349.3 crore. Revenue stood at Rs 196.6 crore in the year-ago quarter. Earning per share (EPS) for the September quarter stood at Rs 6.46.
Learn about the company
The company was started in the year 2004. The company primarily serves as an omnichannel cloud communication service for OTTs and mobile network operators (MNOs). The company has a large customer base including the world’s largest social media companies, banking and financial services, aviation, retail, e-commerce, logistics, health, hospitality and telecom sectors.