Phoenix- The Mythological Glory

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 A magnificent bird from ancient Egyptian, Arab & Greek mythology, that is believed to live for roughly 500 years or more. The tale dates back to 2500 years ago & its story began from ancient Egypt & Arabia. The myth goes as, when the old bird is tired, is flies back from Arabia to Egypt, The city of Sun.

The fabled bird builds a nest on the peak of The Temple of Sun by gathering some cinnamon twigs & resins. This is followed by the sun igniting the nest, causing the old Phoenix to die in the flames. A new young phoenix arises from the ashes of the burn & preserves the ashes of the predecessor in the egg of Myrrh. Later it deposits the egg on the altar of the Sun God & heads back to Arabia, to begin with, a new life cycle. Thus no ancient authority gave it any boundation of any life span. It is believed that at a certain time phase, there’s only one Phoenix in existence. 

   The legendary phoenix is a large & grand bird that is mostly believed to resemble an eagle. It is brilliantly coloured in shining reds, purples, and golden plumes as it is associated with the rising sun and fire. This mythical bird is a symbolism of renewal & resurrection. The concept represents a bunch of themes like the sun, time, the empire, life in the heavenly paradise, Christ, Mary, virginity, and the exceptional man. 

   Its namesake, Phoenix, Arizona, reminds modern Americans that the city stands on the same site as a vanished Native American civilization.

  Some historic studies revealed that the Romans possessed quite an affection for the Phoenix. Their coins showed the Emperor’s face on one side while the Phoenix on the other. It is believed that the Phoenix itself represented Rome. As the bird stays eternal, so does the empire of Rome, with each new emperor. 

  Similarly in Islamic mythology, the phoenix was identified with the ʿanqāʾ, a huge mysterious bird, probably a heron that was created by God with all perfections but thereafter became a plague and was killed. The Egyptian Bennu, the Native American Thunderbird, the Russian Firebird, the Chinese Fèng Huáng & the Japanese Hō-ō are all believed to be associated with this mythical Greek bird. 

  In Egypt, Bennu symbolizes immortality & rebirth & was believed to be associated with the period of flooding of the Nile, bringing new wealth and fertility. While in Asia sighting of the phoenix was considered as a good sign that a wise leader has ascended to the throne and a new era has begun. It was representative of Chinese virtues: goodness, duty, propriety, kindness, and reliability. The palaces and temples are guarded by ceramic beasts that are believed to be all led by the phoenix.

Route Mobile IPO: After Subscription duration

The IPO, which is being sold at Rs 345-350 per share, is seeking a valuation of 29 times PE on FY20 basis (fully diluted). Analysts are positive on the issue and believe the IPO can offer listing pop as well as long-term gains.
Analysts are positive on the issue and believe the IPO can offer listing pop as well as long-term gains.

Route Mobile Ltd.’s initial public offering (IPO) was fully subscribed on the very first day of bidding as it attracted a large influx of retail investors oversubscribing their portion. The Rs 600-crore issue includes a fresh issue of Rs 240 crore and an Offer For Sale (OFS) of up to Rs 360 crore. It enters the market at a time when liquidity is abundant and IPOs are being welcomed with an overwhelming response, as is evident from the Happiest Minds Technologies issue which was subscribed 151 times. Route Mobile has already managed to collect Rs 180 crore from anchor 15 investors, before the issue opened yesterday.

Route Mobile provides cloud-communication platform as a service to enterprises, over-the-top (OTT) players and mobile network operators (MNOs). Its range of enterprise communication services includes application-to-peer (A2P)/peer-to-application (P2A)/2-Way Messaging, RCS, OTT business messaging, voice, email, and omni-channel communication.
The Rs 600 crore IPO by Route Mobile received 5 times bids so far on Day 3 of the bidding process. As per data available with BSE and NSE, the issue received bids for 6,15,32,960 shares by 11 pm on Friday, which was 5.05 times the total issue size of 1,21,73,912 shares.

The company has no listed peers. The proxy peers, which have a small presence in services offered by Route Mobile, are Tanla Solutions and Tata Communications. Continuous development of omni-channel digital communication offerings and innovative solutions focus on developer community program, service offerings through inorganic opportunities and growing presence in additional markets to serve clients locally augurs well with the company going ahead,” said Ashika Institutional Equities.

Route Mobile is going to use the net fresh issue proceeds for repayment or prepayment of certain borrowings, acquisitions and other strategic initiatives, purchase of office premises in Mumbai and general corporate purposes.

The Rs 600-crore public issue witnessed strong subscription of 73.3 times during September 9-11 as the portion set aside for qualified institutional investors was subscribed 89.76 times, non-institutional investors 192.8 times and that of retail investors 12.66 times on final day. “As expected, Route Mobile received an overwhelming response from all the category of investors. We are positive on the future outlook for the industry as well as the company. We expect good listing,” Keshav Lahoti- Associate Equity Analyst at Angel Broking told in Moneycontrol’s release.

Ahead of the IPO, Route Mobile had raised ₹180 crore from 15 anchor investors, including Goldman Sachs, SBI Life Insurance, and SBI Mutual Fund. Route Mobile offered 1.71 crore shares at a price band of ₹345-350 apiece. According to brokerages, Route Mobile shares are likely to get listed on 21st September. KFintech Pvt Ltd is the registrar of the issue. ICICI Securities, Axis Capital, Edelweiss Financial Services and IDBI Capital Markets & Securities are the managers to the issue.