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MapMyIndia to go public on December 9; price band set at Rs 1,000-1,033 per share

12:37 PM Dec 06, 2021 | FPJ Web Desk

Digital mapping company MapMyIndia, which powers Apple maps, has fixed a price band of Rs 1,000-1,033 a share for its Rs 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.

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The IPO is entirely an offer for sale of up to 10,063,945 equity shares by existing shareholders and promoters.

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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 Rs 1,039.6 crore at the upper end of the price band.

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 a leading provider of advanced digital maps, geospatial software, and location-based IoT technologies.

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).

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15 percent for non-institutional investors, and 35 percent for retail investors.

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 PTI)

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