MapmyIndia Initial Public Offering (IPO) registered 6.16 times on the second day of issuance

MapmyIndia IPO registered 6.16 times on second day of release

MapmyIndia has a fixed price range of Rs 1,000-1033 per share for its IPO

The sale of shares by MapmyIndia through an initial public offering (IPO) was registered 6.16 times on the second day of issuance, according to registration data on stock exchanges. The IPO of a leading provider of advanced digital maps, geospatial software and IoT technology based on location, opened December 9 for registration and will end on December 13.

On Friday, the section dedicated to retail individual investors was registered 7.17 times – the highest of the three investor groups. The section for qualified institutional buyers or QIBs was registered 4.32 times, while the section for non-institutional investors was registered 6.27 times.

The company has a fixed price range of Rs 1,000-1033 per share and retail investors can bid a minimum of one lot of 14 shares up to a maximum of 13 lots. A lot of MapmyIndia shares will cost Rs 14,462 in the upper end of the range.

The company is planning to raise Rs 1,040 crore from the public offering. Investors include Rashmi Verma, Qualcomm Asia Pacific and Zenrin Co. Limited is selling shares in an IPO. Owned by CE Info Systems, MapmyIndia has built maps for more than six million kilometers, covering 98.5% of the country’s road network under the MapmyIndia brand.

” India’s total addressable location-based intelligence and digital maps market is expected to grow to $7.74 billion by 2025 at a CAGR of around 15.5% from year 2019 to 2025.

MapmyIndia is set to capitalize on an exponential growth opportunity to become a market leader. It also has the advantage of early engines and a profitable business model with a consistent financial record and strong cash flow. However, the valuation seems a bit high, hence we recommend a ‘Long Track’ rating for this IPO”, local brokerage Anand Rathi said in its IPO note.


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