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MapmyIndia makes stellar public debut

Good Morning,

MapmyIndia, the country’s oldest digital mapmaker, has made its public debut after years of quietly building a space for itself in the market. 

For context, the company was founded in 1995 – at a time when Microsoft released Windows 95 and JavaScript was released and deployed. Twenty-six years later, MapmyIndia has begun a new chapter at a time when data-driven use cases are emerging in almost every sector (think real-time logistics support or navigation for autonomous vehicles). 

Its Rs 1,040-crore initial public offering (IPO) had already been oversubscribed by 154.71 times at the end of December 13 after it opened for subscription on December 9.

On Tuesday, MapmyIndia, run by C.E. Info Systems, listed on the BSE (Bombay Stock Exchange) and NSE (National Stock Exchange of India) at Rs 1,581 per share and Rs 1,565 per share respectively.

C.E. Info Systems opened 53 percent higher than the issue price of Rs 1,033 per share on the BSE. Similarly, on the NSE, it opened 51.5 percent higher than its issue price.

At the listing ceremony at BSE, Rashmi Verma, Co-founder and Chief Technology Officer of C.E. Infosystems, called the event an “important milestone for our strategic vision, combined with a good execution process.”

MapmyIndia, she said, has a great future ahead based on three factors: the rise of new data sources, machine learning and artificial intelligence, and the evolution of user requirements like smart city, connected mobility, and real-time applications.

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