MapmyIndia by CE Info Systems received bids 6 Times the initial offering. The company launched it’s IPO or Initial Public Offering, on 9th of December and has kept it open for subscription till 13th of the month.
The IPO got bids 6 Times the initial offering, almost 6 crore bids for a little over 1 crore shares, thanks to a strong response from Non-Institutional Investors (HNIs) and Qualified Investor Buyers (QIBs).
Initial Public Offering is a public offering in which shares of a company are sold to institutional investors and usually also retail investors.
Details of MapmyIndia IPO
MapmyIndia launched its IPO on 9th of December to garner almost 1040 crore from the offer. The Initial Public Offering has been fixed between 1000 to 1033 Rupees per equity share and a retail investor can bid for minimum one lot of 14 shares up to maximum of 13 lots.
One lot of MapmyIndia shares will cost ₹ 14,462 at the upper range of the price band. 50 percent of the IPO is reserved for Institutional Buyers, 35 percent for Retail Investors and 15 Percent for Non-Institutional Investors and High Net-Worth Individuals.
The entire offering was up for sale hence the company will not be receiving any funds from the IPO as all the money will be going to the selling shareholders.
Also Read: IndiGo Loader Does ‘Dongri to Dubai’; Sleeps in Plane Cargo and Wakes Up in Abu Dhabi Airport
More on The Company and its Valuation
C.E. Info Systems Limited’s subdivision MapmyIndia is a data-technology product and platforms company, offering proprietary digital maps as a service (“MaaS”), software as a service (“SaaS”) and platform as a service (“PaaS”). It is one of the leading providers of advanced digital maps, geospatial software and location-based IoT technologies.
The 26-year-old mapping tech company MapmyIndia has been powering some of the leading companies in India and globally including Apple, Uber, Amazon, BMW, Honda, Toyota, Mercedes, Ola, Yulu, Flipkart, Ola, Amazon, HDFC bank, Central Board of Direct Taxes, Umang App, Indian Space Research Organisation (ISRO), State governments and many more.
“The company’s prospects look good going ahead as the growing start-up culture in the country is likely to benefit the company’s bottom line going ahead,” Manan Doshi of Unlisted Arena told NDTV.
Long Term Profitability
The company is profitable. It’s cash flow from operations grew 152.6 per cent between FY20 and FY21 reaching ₹98.5 crore, according to the Draft Red Herring Prospectus (DRHP).
Majority of the brokerage houses have given the offering a thumbs up thanks to it’s high growth potential, conservation valuation, robust client base and entry barrier to the business.
