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MapmyIndia IPO fully subscribed on first day of bidding, retail portion booked 2.31 times

The public subscription period for MapmyIndia’s initial public offering (IPO) has opened, with a price range of Rs 1,000-1,033 per share. The three-day offer will close on December 13. On Thursday, the issue received a robust response from investors on the opening day of the bidding process.

MapmyIndia official logo

Courtesy: MapmyIndia

The IPO was subscribed by 0.53 times, or 53 percent, as of 11:05 AM. Bids for 37,17,938 shares were placed out of the total of 70,44,762 shares on offer. By 2:40 PM. on day one, the MapmyIndia IPO was fully subscribed by 1.33 times, with the retail portion oversubscribed by 2.43 times, according to BSE data.

Non-institutional investors, which include corporations and individuals who are not retail investors, have bid for 35,350 shares (0.02%) of the 15,09,592 shares offered. Qualified Institutional Buyers (QIBs), who have been allocated a total of 20,12,789 shares, have yet to participate. Institutional investors usually place their bids on the last day of the offer.

The IPO is fully comprised of existing shareholders and the promoter offering up to 10,063,945 equity shares for sale. At the upper end of the price band, the public offering is likely to raise Rs 1,039.6 crore. MapmyIndia shares premium (GMP) has risen to Rs 880 in the grey market today, according to market analysts. On December 21, 2021, the company’s shares are scheduled to be listed on stock exchanges.

C.E Info Systems Ltd the parent company behind MapmyIndia is backed by Qualcomm, the wireless technology conglomerate, and Zenrin, a Japanese digital mapping platform. MapmyIndia is a prominent provider of innovative digital maps, geospatial software, and location-based Internet of Things (IoT) solutions in India.

After filing its draft red herring prospectus in September, the firm has increased its offer size twice. In October of this year, the PhonePe-backed firm upped its offer size to 9,589,478 equity shares, up from 7,547,959 shares at the beginning.

Promoter Rashmi Verma is one of the major selling stockholders in this IPO, with up to 4,251,044 shares to be offered. Qualcomm will offload up to 2,701,407 shares, while Zenrin will sell up to 1,369,961 shares.

The digital mapping startup raised Rs 311.88 crore from anchor investors by issuing 30,19,183 shares at Rs 1,033 each ahead of its initial public offering. The anchor round featured participation from foreign portfolio investors which includes Fidelity, Goldman Sachs, Morgan Stanley, Nomura, Aberdeen, HSBC, and White Oak. Alongside domestic mutual funds such as Aditya Birla Sun Life, HDFC, ICICI Prudential, SBI, Tata, and Sundaram.

C.E Info Systems, founded in 1995, is one of the few profitable technology companies considering a stock market debut. It made a profit of Rs 59.4 crore in FY21, a 157 percent increase over the Rs 23.1 crore profit it made in FY20. In FY21, the company’s total income increased to Rs 192.2 crore from Rs 163.4 crore in FY20. The company posted a net profit of Rs 46.7 crore for the current fiscal year’s April-September quarter, up 161 percent from Rs 17.8 crore in the previous fiscal year’s same period (FY21).

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