Indian digital-map provider MapMyIndia’s initial public offering (IPO), which will open on December 9, has fixed a price band of ₹1,000-1,033 a share for its ₹1,040-crore public issue. The three-day issue will conclude on December 13 and the bidding for anchor investors will open on December 8.
The IPO is entirely an offer for sale of up to 10,063,945 equity shares by existing shareholders and promoter. The public issue is expected to fetch ₹1,039.6 crore at the upper end of the price band.
As per market observers, MapmyIndia shares in the grey market are commanding a strong premium of ₹780. The company’s shares are expected to list on exchanges on December 21, 2021.
MapMyIndia, also known as CE Info Systems, is backed by global wireless technologies company Qualcomm and Japanese digital mapping Zenrin. The New Delhi-based company is leading provider of advanced digital maps, geospatial software and location-based IoT technologies.
MapmyIndia’s data powers Apple Inc.’s Maps and Amazon.com Inc.’s Alexa voice assistant. It provides products, platforms, application programming interfaces (APIs) and solutions across a range of digital map data, software and IoT under the MapmyIndia and Mappls brands. The company’s customers include PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis, Safexpress and Goods and Service Tax Network (GSTN).
MapmyIndia is profitable, unlike many of India’s higher-profile startups such as Zomato Ltd. and Paytm. In the six months through September, the mapmaker’s revenue from operations was 1 billion rupees, compared with 1.52 billion rupees for the full preceding fiscal year, as reported by Bloomberg.
The report added that Goldman Sachs Group Inc. and Morgan Stanley are among institutional investors bidding to participate in the public offering of MapmyIndia, whereas, mutual funds of HDFC, State Bank of India, Aditya Birla Group and ICICI Bank are also bidding to become so-called anchor investors in the IPO.
Never miss a story! Stay connected and informed with Mint.
Download
our App Now!!
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
