MapmyIndia has repaired cost band of Rs 1,000-1033 per share for the IPOMapmyIndia's share sale through initial public offering (IPO) was subscribed 6.16 times on the second day of concern, according to subscription information on the stock market.
The IPO of the leading service provider of sophisticated digital maps, geospatial software, and location-based IoT technologies, opened on December 9 for membership and will close on December 13.
On Friday, the portion scheduled for retail specific investors was subscribed 7.17 times - the highest amongst the 3 groups of financiers.
The portion reserve for certified institutional buyers or QIB was subscribed 4.32 times, while the portion scheduled for non-institutional investors was subscribed 6.27 times.The business has fixed cost band of Rs 1,000-1033 per share and a retail financier can bid for minimum one great deal of 14 shares approximately optimum of 13 lots.
One great deal of MapmyIndia shares will cost Rs 14,462 at the upper range of the cost band.The company is preparing to raise Rs 1,040 crore from the general public offer.
The financiers including Rashmi Verma, Qualcomm Asia Pacific and Zenrin Co.
Limited are selling shares in the IPO.
Owned by CE Information Systems, MapmyIndia has built maps for more than six million km, covering 98.5 percent of the country's roadway networks under the MapmyIndia brand name.
The total Indian addressable market of digital maps and place based intelligence services is expected to grow to $7.74 billion in 2025 at around 15.5 percent CAGR from 2019 to 2025.
MapmyIndia is all set to capitalize the rapid development opportunity being the marketplace leader.
It likewise has an early mover benefit and a successful organization model with consistent financial track record and strong capital.
The valuation appears to be partially rich, hence we recommend a Subscribe-Long Term ranking to this IPO, said domestic brokerage firm Anand Rathi in its IPO note.