MapmyIndia shares jump 8 per cent to fresh 52-week high as anchor investors lock-in period expires today

Bucking the trend on anchor investors' lock-in expiry day, shares of this IT software products maker, traded on a fresh 52-week high value as the stocks jumped as much as 8 per cent in Monday's intraday trade on the BSE.  

Shares of CE Infosystems Limited (MapmyIndia) surged over 8 per cent to hit 52-week high of Rs 1888 per share in the early trade on the BSE. At 10.10 am, stocks of recently list Map my India were trading with Rs 124 gain or 7.16% higher to Rs 1857.65 apiece on the BSE on Monday. Shares of MapmyIndia have gained as much as Rs 457.45 or 32.82% in the last one month since its strong debut in late December 2021.  

Anchor investors mandatory lock-in period of 30 days has expired in the stock on Monday, January 14, 2022. Traditionally, shares of such companies have declined on the lock-in expiry day as anchor investors sold shares and profit booking is seen generally in such scrips.  

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The company has raised as much as Rs 312 crore from 30.02 lakh shares allotted to 34 anchor investors. This was 5.70 per cent of the total book size.  

Top anchor investors who were allotted shares of MapmyIndia were Fidelity Fund (14.4%), Nomura (5.8%), Morgan Stanley (5.2%), ICICI Prudential (5.2%), Goldman Sachs (5.1%), SBI Fund (5.1%) and HSBC (4.5%).  

Shares of MapmyIndia were listed at a premium of 53.05% to Rs 1581 per share against its issue price of Rs 1,033 on the BSE. The listing helped investors make profit of Rs 548 per share on Tuesday.   

Earlier, after listing of MapmyIndia shares, experts have recommended to hold the shares for long-term. Ravi Singh, Vice President & Head of Research ShareIndia, had suggested that investors should hold the shares for long-term, "MapmyIndia is a good bet for long-term investment due to its sustainable business model, "he said.   

 "We are positive on the stock in the long run on the back of asset light business, strong brands and wide range of products. Every dip in share prices provides buying opportunities to long term investors," Amarjeet Maurya - AVP - Mid Caps, Angel One Ltd had said after strong listing of the company.  

Another share, Metro Brands too performed exceptionally well on Monday as Rakesh Jhunjhunwala-backed company too scripted new 52 week high after spiking by 18 per cent on the lock-in expiry day of anchor investors. 

MapmyIndia is a leading provider of digital maps, geospatial software and location-based lot technologies. It boasts of big clients such as HDFC Bank, Airtel, TVS Motors, Ministry of Finance, ISRO, Facebook, McDonald's, Maruti Suzuki and Mercedes Benz etc.