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MapMyIndia IPO opens on December 9; price band fixed at Rs 1,000-1,033
Digital mapping company MapMyIndia has fixed the price band of Rs 1,000-1,033 per equity share of face value of Rs 2 each for its upcoming initial public offer (IPO).
MapMyIndia IPO: Digital mapping company MapMyIndia has fixed the price band of Rs 1,000-1,033 per equity share of face value of Rs 2 each for its upcoming initial public offer (IPO). The details about the price band were shared by the company in a newspaper notice.
The initial public offer (IPO) of CE Info Systems, the parent company of MapmyIndia, which powers Apple maps, will open on December 9 and close on December 13.
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Earlier in September, the digital mapping company has filed preliminary papers with capital market regulator Sebi to raise funds through an initial share-sale.
Anchor investors bidding
The bidding for anchor investors will open on December 8, the company announced.
IPO is an OFS
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.
Share reservation details
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.
Business & company details
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.
With PTI inputs
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