MapMyIndia registers 2X booking of its IPO on Day 1
- ByTejika Bajaj | December 10, 2021
The initial public offering of CE Info Systems Ltd which is the parent company of geographic startup MapMyIndia has registered double the subscription of its shares on the first day of listing. The retail portion of the IPO is fully subscribed.
The new age map maker is selling its shares in the price range of INR 1000-1033 per share in an attempt to raises as much as INR 1039.6 at a post money valuation of INR 5,500 crore as per its DRHP. The IPO, a pure offer for sale, will see investors and promoters offload up to 10,063,945 shares. The promoters will hold 53.7% stake after the share sale.
The company has raised an aggregate amount of INR 312 crore through its anchor investors by issuing 30.19 lakh equity shares to them at a price of INR 1033 apiece. Half of the issue size has been reserved for qualified institutional buyers, 15% for non-institutional investors and 35% for the retail investors.
New Delhi-based MapmyIndia, backed by Qualcomm Inc. and Japanese digital mapmaker Zenrin, provides digital maps, geospatial software and location-based IoT technologies. Its customers include PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis, Safexpress and the Goods and Service Tax Network. Apple uses MapmyIndia maps as do Paytm, PhonePe, McDonalds Grofers and Cars24.
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