31.1 C
New Delhi
Tuesday, November 5, 2024
HomeTechMapMyIndia IPO subscribed 2.02 times on Day 1

MapMyIndia IPO subscribed 2.02 times on Day 1


The initial public offering of CE Info Systems Ltd., which makes maps under the name of MapMyIndia, was subscribed more than two times on day one, with the retail portion witnessing full subscription in the first hour of the share sale.


The Indian map maker is selling shares for 1,000-1,033 apiece to raise as much as Rs 1,039.6 crore at a valuation of Rs 5,500 crore, according to its draft red herring prospectus. 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.

MapMyIndia IPO subscription — Day 1 details

  • Institutional investors: 0.46 times
  • Non-institutional investors: 1.17 times
  • Retail investors: 3.28 times

The company had raised Rs 312 crore from anchor investors by issuing 30.19 lakh shares to them at Rs 1,033 apiece. Half of the issue size has been reserved for qualified institutional buyers, 15% for non-institutional investors and 35% for the 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.

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.

  • “ETtech is a sharply-focused lens that brings alive India’s tech businesses & dynamic world of startups”

    Kunal Bahl, Co-Founder & CEO, Snapdeal

  • “I read ETtech for in-depth stories on technology companies”

    Ritesh Agarwal, Founder & CEO, Oyo

  • “I read ETtech to understand trends & the larger India technology space, everyday”

    Deepinder Goyal, Co-founder & CEO, Zomato

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.



Source link

- Advertisment -

YOU MAY ALSO LIKE..

Our Archieves