Rashmi Verma, executive director of MapmyIndia to offload up to 3,070,033 equity shares during the IPO
MapmyIndia is backed by chip maker Qualcomm and Japanese map publisher Zenrin
MapmyIndia posted a profit of INR 59.4 Cr in FY21 as against INR 23.1 Cr in FY20
C.E Info Systems, the parent company of MapmyIndia, a digital-based mapping firm, has filed its draft red herring prospectus (DRHP) with the Indian market regulator SEBI. The New Delhi-based company offer will entirely depend on the sale of 7,547,959 equity shares by the shareholders.
As per the DRHP, Rashmi Verma, executive director of MapmyIndia, will offload equity shares, which means selling up to 3,070,033 shares during the public listing.
Qualcomm, a global smartphone chip manufacturer and early backer of MapmyIndia, will offload up to 2,026,055 equity shares and Japanese map publisher Zenrin will offload up to 1,027,471 equity shares.
C.E Info Systems is one of the handful companies/startups that are profitable and are going to list on the stock exchange. As per the financials, 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 narrowed slightly down 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.
Earlier this week, reports suggested that MapmyIndia was looking to raise $175 Mn through the public market at a valuation of $825 Mn. The company was last valued at approximately $208 Mn (INR 1,600 Cr) when it raised capital from Flipkart in 2016.
Founded in 1995 by Rakesh Verma who earlier was a general manager at Bank of India, MapmyIndia offers solutions in digital map data and APIs, GPS navigation, tracking, location apps and others.
MapmyIndia powers Apple’s Maps and Amazon’s Alexa with its mapping solutions. Apart from these, the company also works with Ola, Uber, Mercedes-Benz, McDonald’s and Walmart, among others.
MapmyIndia will now join the bandwagon of Indian tech companies/startups that are waiting to test their fate in the public market.
Earlier this year, gaming company Nazara, food delivery aggregator Zomato and online automobile classified CarTrade went public. Paytm, Nykaa, MobiKwik, Policybazaar, Fino Payments Banks, ixigo have already filed their DRHP and are likely to go public in the coming months. Hospitality major OYO and cab-hailing aggregator Ola is likely to go public next year.
