Digital mapping company CE Info Systems saw a strong response as the quota of share for retail investors was oversubscribed by 2.86 times at 3.53 pm on Thursday. The Rs 1,039.61 crore initial public offering (IPO) of the company opened on Thursday at a price band of Rs 1,000 to Rs 1,033 per share.
The company, which owns and operates the brand MapmyIndia, will conclude the issue on December 13. The issue size of a little over one crore equity shares is entirely an offer-for-sale by the shareholders of the company, including the entire stake held by Qualcomm Asia-Pacific. Other sellers include Zenrin Co and promoter of the company, Rashmi Verma. The proceeds will go to the selling shareholders.
Of the issue size, 15 percent has been reserved for non-institutional bidders, 35 percent for retail individual bidders, and the rest is reserved for qualified institutional buyers.
MapmyIndia founders
The demand from non-institutional investors was tepid as the allocation was subscribed only 0.40 times, while demand from qualified institutional buyers stood at 0.25 times the allocation.
MapmyIndia raised Rs 311.88 crore from 24 marquee investors in its anchor book on Wednesday, ahead of opening for public subscription.
The foreign portfolio investors include Fidelity, Nomura, Goldman Sachs, Morgan Stanley, Aberdeen, HSBC and White Oak. Domestic mutual funds including SBI, HDFC, ICICI Prudential, Birla, Nippon, Tata & Sundaram and life insurance companies HDFC Life and Tata AIA Life also participated in the anchor book. The company allocated 30,19,183 shares at Rs 1,033 per share — the higher end of the price band — to the anchor investors.
Founded in 1995, MapmyIndia offers digital maps, geospatial software and location-based internet of things (IoT) technologies as a service to over 500 active enterprise customers.
The company registered a profit of Rs 59.4 crore for FY 2020-21, a 157 percent rise from the year before at Rs 23.1 crore. The company’s revenues from operations also increased to Rs 152.46 crore for FY 2020-21 from Rs 148.63 crore in FY 2019-20.
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