MapMyIndia IPO Subscription Status Day 2: Issue booked 6.16 times, led by strong demand from retail investors

The initial public offer (IPO) of C.E. Info Systems Ltd-backed MapMyIndia has been subscribed 6.16 times around 05:00 pm on the second day of the bidding on Friday, December 10, 2021.

Against 70,44,762 reserved shares, the IPO of digital mapping services received bids for 4,33,94,624 shares at the same time Thursday, day two of the IPO. 

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The retail quota saw maximum traction as the Retail Individual Investors (RIIS) subscribed the issue 7.17 times, while the Non-Institutional Investors (NIIs) portion saw 6.27 times bidding on the second day till said time.   

Earlier on the first day, the issue was subscribed 1.08 times till 5:00 pm on Thursday, December 9, 2021. Retail Individual Investors (RIIS) had subscribed to the issue 2.02 times till the same time.

MapMyIndia's 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.