MapMyIndia’s initial public offering (IPO), which will begin on December 9, has set a price range of $1,000-1,033 per share for its $1.04 billion public offerings. The three-day issue will end on December 13, with anchor investor bidding beginning on December 8.
The IPO is solely an offer for current shareholders and the promoter to sell up to 10,063,945 equity shares. At the top end of the pricing band, the public offering is estimated to raise $1,039.6 crore.
According to market observers, MapmyIndia shares are fetching a hefty premium of $780 on the grey market. On December 21, 2021, the company’s shares are planned to be listed on stock exchanges.
Mapmyindia, formerly CE Info Systems, is supported by Qualcomm, a multinational wireless technology business, and Zenrin, a Japanese digital mapping startup. The company is a prominent provider of innovative digital maps, geospatial software, and location-based IoT solutions, with headquarters in New Delhi.
Mapmyindia Customer Base
Apple Inc.’s Maps and Amazon.com Inc.’s Alexa voice assistant both use MapmyIndia data. Under the MapmyIndia and Mappls brands, it offers products, platforms, application programming interfaces (APIs), and solutions for a variety of digital map data, software, and IoT. PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis, Safexpress, and the Goods and Service Tax Network (GSTN) are among the company’s clients.
Unlike many of India’s more well-known businesses, such as Zomato Ltd. and Paytm, MapmyIndia is profitable. According to Bloomberg, the mapmaker’s revenue from operations was 1 billion rupees in the six months through September, compared to 1.52 billion rupees for the entire previous fiscal year.
According to the report, institutional investors such as Goldman Sachs Group Inc. and Morgan Stanley are bidding to participate in MapmyIndia’s initial public offering, while mutual funds from HDFC, State Bank of India, Aditya Birla Group, and ICICI Bank are also bidding to become “anchor investors” in the IPO.
Stay Connected With Evedonusfilm For More Such Updates