Digital mapping firm MapMyIndia to launch ₹1,040-crore IPO on Dec 9
Digital mapping company MapMyIndia, which powers Apple maps, has fixed a price band of ₹1,000-1,033 a share, for its ₹1,040-crore initial share-sale, which will open on December 9.
“The three-day initial public offering (IPO) will conclude on December 13. The bidding for anchor investors will open on December 8,” the company announced.
The IPO is entirely an offer for sale of up to 10,063,945 equity shares, by existing shareholders and promoter.
The OFS comprises sale of up to 42.51 lakh equity shares by Rashmi Verma, up to 27.01 lakh equity shares by Qualcomm Asia Pacific Pte Ltd, and up to 13.7 lakh equity shares by Zenrin Co Ltd. In addition, the remaining 17.41 lakh equity shares will be offloaded by several other selling shareholders.
At present, promoters Rakesh Kumar Verma and Rashmi Varma hold 28.65 percent and 35.88 percent stake in the company.
The public issue is expected to fetch around ₹1,039.6 crore at the upper end of the price band.
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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 the leading provider of advanced digital maps, geospatial software and location-based IoT technologies.
MapMyIndia 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).
Apple products use MapmyIndia maps, as do payment gateways like PayTm, PhonePe, and e-commerce food delivery platforms like McDonalds, Grofers, and Cars24.
Store locators by companies like SBI Branch Locator, Bajaj Finserv, and Prasar Bharti DTH Dealer locator also use MapMyindia.
Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15 percent for non-institutional investors and 35 percent for the retail investors.
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Investors can bid for a minimum of 14 equity shares and in multiples thereof.
Axis Capital, JM Financial, Kotak Mahindra Capital and DAM Capital Advisors, are the lead managers to the issue.
(With inputs from Agencies)
