MapMyIndia IPO full subscribed on Day 1; retail portion booked 200%— Details here

The initial public offer (IPO) of MapMyIndia was subscribed 1.08 times after the opening of the issue on Thursday, December 9, 2021. Against 70,44,762 reserved shares, the IPO of digital mapping services saw bids being made for 76,37,602 shares around 1.25 pm Thursday, the first day of the IPO.  

The retail quota was fully filled as the Retail Individual Investors (RIIS) subscribed the issue 2.02 times, while the Non-Institutional Investors (NIIs) portion saw just 0.17 times bidding.    

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MapMyIndia initial public offer (IPO) opened for public subscription on Thursday and the three-day initial public offering will conclude on December 13. The price band for this issue has been fixed at Rs 1,000-1,033 per equity share of the face value of Rs 2 each.    

The IPO of CE Info Systems, the parent company of MapmyIndia, is entirely an offer for sale of up to 10,063,945 equity shares by existing shareholders and promoters.  

The company has fixed half of the issue size for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors, and 35 per cent for retail investors. Investors can bid for a minimum of 14 equity shares and in multiples thereof in this IPO. Axis Capital, JM Financial, Kotak Mahindra Capital, and DAM Capital Advisors are the lead managers to the issue.  

Backed by global wireless technologies company Qualcomm and Japanese digital mapping Zenrin, MapMyIndia is a New Delhi-based company and a 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).