Mapmyindia lists shares at a strong premium on market debut

The three-day initial public offering (IPO) of CE Info Systems Ltd, the parent of digital mapping company MapmyIndia, received a strong response from investors and was subscribed 154.71 times on the last day of subscription which closed on December 13.

“Financially, the company is doing well and its business model is sustainable. Despite the fact that the IPO was purely OFS based, it attracted investors and got subscribed 154 times. New edge technologies like SaaS, PaaS, and MaaS platform provider are poised for a bright future,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.

Meena suggested that investors who applied for the listing benefit of the IPO should put a stop loss of 1480 and get allotment to the long term investors, while new investors can also look for buying in the downside.

The IPO was an offer for sale of 10,063,945 equity shares by the entire existing shareholders and promoter and had a price range of 1,000-1,033 per share. company was raised 312 crore from anchor investors before its initial share sale.

CE Info Systems Ltd., popularly known through its brand MapmyIndia, is backed by Qualcomm, a global wireless technology company, and the Japanese digital mapping generic. MapmyIndia is a leading provider of advanced digital maps, geospatial software and location-based IoT technologies.

The company’s data powers Apple Inc.’s Maps and Amazon.com Inc.’s Alexa voice assistant. The company’s customers include PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis, Safeexpress and Goods and Service Tax Network (GSTN).