Digital mapping company MapmyIndia, also known as CE Info Systems Ltd, has set a price band of ₹1,000-1,033 per share for its initial public offering (IPO) that is slated to open on 9 December.
The IPO will close on 13 December and the company plans to list on the exchanges on 21 December.
The issue comprises a pure offer for sale (OFS) by existing shareholders and promoters. The company has increased its OFS size to 10.06 million shares from 7.55 million shares earlier.
The OFS consists of 4.25 million shares by Rashmi Verma, up to 2.70 million shares by Qualcomm Asia Pacific Pte, up to 1.3 million shares by Zenrin Co, up to 1.74 million shares by other shareholders.
At the upper price band, MapmyIndia plans to raise ₹1,039.61 crore via the OFS.
Currently, Rakesh Kumar Verma holds 28.65% stake while Rashmi Verma has 35.88% stake in the firm. The company is backed by Qualcomm Inc. and Flipkart who hold 8.58% and 36.56% respectively.
Axis Capital, JM Financial, Kotak Mahindra Capital and DAM Capital Advisors are the lead managers to the issue.
The company recorded total revenue of ₹ 152.46 crore in FY21, up from ₹148.63 crore a year earlier. Net profit rose to ₹59.43 crore from ₹23.20 crore during the period.
MapmyIndia, whose data powers Apple Inc.’s maps and Amazon.com Inc.’s Alexa in India, is a leading provider of advanced digital maps, geospatial software and location-based IoT technologies.
The firm provides products, platforms, application programming interfaces and solutions across a range of digital map data, software and IoT for the Indian market under its namesake brand, and for the international market under the Mappls brand.
Its digital maps cover 6.29 million kilometres of roads in India, representing 98.50% of the country’s road network of 6.39 million kilometres as of end-March 2019, according to road transport and highways ministry data.
The article was first published on livemint.com