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MapmyIndia Marks Strong Market Debut, Lists At 53% Premium

MapmyIndia Marks Strong Market Debut, Lists At 53% Premium

Its IPO closed on December 13th with a subscription of 154.71 times

The IPO price band was INR 1,000-INR 1,033

The digital mapping startup’s market capitalisation stands at INR 7,209.10 Cr

The shares of C.E. Info Systems, the parent company of digital mapping startup MapmyIndia got listed with a healthy premium of 53% on the BSE at INR 1,581 per share, against the issue price of INR 1,033.

On the National Stock Exchange (NSE), its shares got listed with a premium of 51.1% at INR 1,565 per share.

However, the shares have now declined from listing price. Around 11.25 a.m, MapmyIndia’s shares on the BSE were trading at INR 1354.50, higher by INR 321.50 or 31.12% from the issue price.

On the NSE, its shares were trading at INR 1,357.60, higher by INR 324.60 or 31.42% from the issue price.

Its market capitalisation stands at INR 7,209.10 Cr.

The initial public offering (IPO) of C.E. Info Systems, the parent company of digital mapping startup MapmyIndia which closed on December 13th, 2021, was subscribed 154.71 times, with strong investor interest across categories.

The price band for the IPO was INR 1,000 – INR 1,033.

At INR 1,033 a share, the upper limit of the IPO price band, the offer attracted bids worth INR 1.12 Lakh Cr till the offer closed.

The IPO opened on December 9th, 2021 and consisted of an offer for sale (OFS) of 10,063,945 shares. 

The major selling shareholders of this IPO included promoter Rashmi Verma, who offloaded up to 4,251,044 shares. US-based technology major Qualcomm sold up to 2,701,407 shares and Zenrin offloaded up to 1,369,961 shares.

Anchor Investments

The startup had raised INR 311.88 Cr from anchor investors by allotting 30,19,183 shares at INR 1,033 per share. Foreign portfolio investors including Fidelity, Nomura, Goldman Sachs, Morgan Stanley, Aberdeen, HSBC and White Oak invested in MapmyIndia’s anchor round.

Further, the domestic mutual funds which participated in this round included SBI, HDFC, ICICI Prudential, Aditya Birla Sun Life, Tata and Sundaram.

MapmyIndia’s Financials

Founded in 1995, C.E Info Systems is among the few tech-based profitable ventures and listed entity as well. In FY21, it posted a profit of INR 59.4 Cr in FY21, a 157% rise from INR 23.1 Cr profit it posted in FY20. MaymyIndia’s total income swelled up to INR 192.2 Cr in FY21 from INR 163.4 Cr in FY20.

In the current financial year, for the period of April-September, MapmyIndia reported a net profit of INR 46.7 Cr, 161% higher than INR 17.8 Cr reported during the same period of the last fiscal (FY21).

Indian Startups In The Public Market Arena

The year 2021 has been a roller coaster year for the Indian startup economy with a long list of startups getting listed or announcing plans to get listed. 

Recent listings of new-age tech startups on the domestic exchanges include Nykaa, Fino Payments Bank, Policybazaar and Paytm. 

For example, lifestyle ecommerce giant Nykaa witnessed a bumper listing with a 79% premium last month. Insurtech unicorn Policybazaar got listed with a premium of 17%.

However, Paytm and Fino Payments Bank were listed at a discount of 9% and 5% respectively.

Traveltech startup RateGain listed with a discount of 15% on December 17th, 2021.