MapmyIndia Increases IPO Size By 2 Mn Shares

SUMMARY

Its initial offer for sale was of 7,547,959 equity shares which has been revised to 9,589,478

According to the revised offer, promoter Rashmi Verma would offload 4,093,377 equity shares

Qualcomm Asia Pacific will sell 2,701,407 shares, compared to 2,026,055 offered earlier

C.E Info Systems, the parent company of MapmyIndia, a digital-based mapping startup, has increased its proposed IPO offering to 9,589,478 equity shares post allotment of specified securities, both equity and preference shares to the shareholders.

Its initial offer for sale was of 7,547,959 equity shares.

According to the revised offer, promoter Rashmi Verma would offload 4,093,377 equity shares, up from 3,070,033 equity shares mentioned in the DRHP filed on August 31, 2021.

Similarly, an early investor in the company, Qualcomm Asia Pacific will sell 2,701,407 shares, compared to 2,026,055 offered earlier.

Zenrin and other shareholders have also increased their offer of sale. 

Recently, the company issued specified securities, including equity and preference shares to the existing shareholders.

On October 7, 2021, Rashmi Verma, the company’s Executive Director, was allotted 2,351,158 bonus shares in the ratio of 1:3, the addendum showed. The other promoter, Rakesh Kumar Verma was allotted 1,877,485 bonus shares on October 7, 2021.

Further, recent regulatory filings showed that the company has converted over 4 Mn compulsory convertible preference shares (CCPS) into over 20 Mn equity shares, in the ratio of 1:5.

On September 20, 2021, the board of directors of C.E. Info Systems approved the conversion of 40,54,969 compulsory convertible preference shares into 20,274,845 equity shares.

Post the shareholders’ approval to the conversion of CCPS, 11,143,660 equity shares were allotted to PhonePe Singapore, 3,385,155 shares to Qualcomm, and 5,746,030 shares to Zenrin. PhonePe, a subsidiary of Flipkart, is not offloading its shares in the proposed IPO.

MapmyIndia said that the allotments were done at prices “which may be lower than the offer price”. 

MapMyIndia: Shareholding Pattern

The allotment of bonus shares and conversion of CCPS into equity shares has not changed the shareholding in the company.

  • The promoters hold 32.31% stake in the company — Rashmi Verma and Rakesh Kumar Verma hold 17.66% and 14.11% stake in the company respectively.
  • Qualcomm and Zenrin hold 8.48% and 17.82% stake, respectively. 
  • Flipkart-subsidiary PhonePe holds significant shares in the company with PhonePe India having a 19.15% stake and PhonePe Singapore holding 16.96% stake.
  • The only other shareholder with more than 1% stake in MapmyIndia is Nayan Arun Jagjivan, who holds 3.73% stake. Jagjivan is among the shareholders who would partly offload their stake in the public offering.

Singapore Panel Declines Future Retail’s Plea For Exclusion From Dispute With Amazon, Says It’s “Proper Party”

 

Founded in 1995, C.E Info Systems is among the few tech-based companies that are profitable and planning a stock market debut. MapmyIndia posted a profit of INR 59.4 Cr in FY21, a 157% rise from INR 23.1 Cr profit it posted in FY20. The company’s total income swelled up to INR 192.2 Cr in FY21 from INR 163.4 Cr in FY20.

The company’s total expense dropped to INR 113.5 Cr in FY21 from INR 131.8 Cr in FY20. It is worth noting that the company has also reduced its employee benefits expense from INR 64.2 Cr in FY20 to INR 53.9 Cr in FY21. 

The company said that the public listing will help the brand’s image and provide liquidity to its shareholders.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

MapmyIndia Increases IPO Size By 2 Mn Shares-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

MapmyIndia Increases IPO Size By 2 Mn Shares-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

MapmyIndia Increases IPO Size By 2 Mn Shares-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

MapmyIndia Increases IPO Size By 2 Mn Shares-Inc42 Media
MapmyIndia Increases IPO Size By 2 Mn Shares-Inc42 Media
You’re in Good company