MapmyIndia has fixed price band of Rs 1,000-1033 per share for the IPO
MapmyIndia’s share sale through initial public offering (IPO) was subscribed 6.16 times on the second day of issue, according to subscription data on the stock exchanges. The IPO of the leading provider of advanced digital maps, geospatial software, and location-based IoT technologies, opened on December 9 for subscription and will close on December 13.
On Friday, the portion reserved for retail individual investors was subscribed 7.17 times – the highest among the three groups of investors. The portion set aside for qualified institutional buyers or QIB was subscribed 4.32 times, while the portion reserved for non-institutional investors was subscribed 6.27 times.
The company has fixed price band of Rs 1,000-1033 per 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 Rs 14,462 at the upper range of the price band.
The company is planning to raise Rs 1,040 crore from the public offer. The investors including Rashmi Verma, Qualcomm Asia Pacific and Zenrin Co. Limited are selling shares in the IPO. Owned by CE Info Systems, MapmyIndia has built maps for more than six million km, covering 98.5 percent of the country’s road networks under the MapmyIndia brand.
”The total Indian addressable market of digital maps and location based intelligence services is expected to grow to $7.74 billion in 2025 at around 15.5 per cent CAGR from 2019 to 2025.
MapmyIndia is all set to capitalize the exponential growth opportunity being the market leader. It also has an early mover advantage and a profitable business model with consistent financial track record and strong cash flows. However the valuation seems to be marginally rich, hence we recommend a “Subscribe-Long Term” rating to this IPO,” said domestic brokerage firm Anand Rathi in its IPO note.
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