INSUBCONTINENT EXCLUSIVE:
MapMyIndia IPO is entirely an offer for sale of up to 10,063,945 equity sharesNew Delhi: Digital mapping company MapMyIndia, which powers
Apple maps, has fixed a price band of Rs 1,000-1,033 a share for its Rs 1,040-crore initial share-sale, which will open on December 9.The
three-day initial public offering (IPO) will conclude on December 13
The bidding for anchor investors will open on December 8, the company announced.The IPO is entirely an offer for sale of up to 10,063,945
equity shares by existing shareholders and promoter.The OFS comprises sale of up to 42.51 lakh equity shares by Rashmi Verma, up to 27.01
lakh equity shares by Qualcomm Asia Pacific Pte Ltd and up to 13.7 lakh equity shares by Zenrin Co Ltd
In addition, the remaining 17.41 lakh equity shares will be offloaded by several other selling shareholders.At present, promoters Rakesh
Kumar Verma and Rashmi Varma hold 28.65 per cent and 35.88 per cent stake in the company.The public issue is expected to fetch Rs 1,039.6
crore at the upper end of the price band.MapMyIndia, also known as CE Info Systems, is backed by global wireless technologies company
Qualcomm and Japanese digital mapping Zenrin.The New Delhi-based company is leading provider of advanced digital maps, geospatial software
and location-based IoT technologies.It provides products, platforms, application programming interfaces (APIs) and solutions across a range
of digital map data, software and IoT under the MapmyIndia and Mappls brands
The company''s customers include PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis, Safexpress and Goods and Service Tax
Network (GSTN).Apple products use MapmyIndia maps as do payment gateways like PayTm, PhonePe, or e-commerce food delivery platforms like
McDonalds, Grofers, Cars24
Store locators by companies like SBI Branch Locator, Bajaj Finserv, Prasar Bharti DTH Dealer locator use the same.Half of the issue size has
been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and 35 per cent 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.(This story has not been edited by TheIndianSubcontinent staff and is
auto-generated from a syndicated feed.)
