MapMyIndia’s IPO to open on December 9, price band established at ₹1000-1033 for every equity share

MapMyIndia’s IPO to open on December 9, price band established at ₹1000-1033 for every equity share

It will be an understatement to say that 2021 has been a milestone year for India’s maturing startup ecosystem. The state has observed some of its matured, initial-gen tech firms heading community, with quite a few other individuals in line. Now, CE Information Methods, which operates well known electronic map service provider MapMyIndia, has joined the record with its initial public featuring (IPO), which is supposed to kick off on December 9 and close on December 13.

The bidding for anchor traders will open on December 8, when the cost band for the initial stake sale has been fastened at ₹1000-1033 for each equity share of a encounter worth of ₹2 each individual by the current shareholders and promoters, and the company itself will not receive any proceeds from the concern.

The firm declared that the give would be a flooring cost of 500 periods the facial area worth of the shares and cap value will be 516.50 times, though the great deal dimensions would be 14 equity shares and in multiples of 14 from there. Retail buyers will be in a position to bid for a minimal of 14 shares or one particular good deal at ₹14,462 and a greatest of 13 heaps of ₹1, 88,006 at the upper price band. Up to 10,063,945 fairness shares will be offered in the IPO, which is solely an offer you for sale (OFS), and it is envisioned that the IPO will raise approximately ₹1040 crores at the higher stop of the selling price band.

As component of the OFS, promoter Rashmi Verma will promote up to 42.51 fairness shares, Qualcomm Asia Pacific Pte Ltd will provide up to 27.01 lakh shares, Zenrin Co Ltd. will sell up to 13.7 lakh shares, and other selling shareholders will provide 17.41 lakh shares.

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The 29-year-outdated MapmyIndia offers Navigation, Tracking, IoT, Analytics, and website mapping assistance for desktop and mobile products, as properly as sophisticated GPS tracking products, automobile in-dash infotainment & plug & perform on-board diagnostics, car trackers. MapmyIndia shares in the gray industry have a solid quality of ₹780, and the company’s shares are expected to record on exchanges on December 21, 2021.

CE Info Techniques is a effectively-recognised title in the sector – the data and engineering products and platforms business is recognized to offer you expert services this sort of as proprietary digital maps as a provider (MaaS), software package as a services (SaaS), and platform as a support (PaaS). It has serviced around 2000 company shoppers (in equally the Indian and world-wide marketplaces) as of September, and its purchasers include things like distinguished names these kinds of as PhonePe, Flipkart, Yulu, HDFC Financial institution, Airtel, Hyundai, MG Motor, Avis, Safexpress, and Items and Company Tax Community (GSTN).

The company is among a uncommon breed of lucrative tech startups, obtaining clocked a steep increase in both of those earnings and earnings in FY21 – from ₹23.19 crores very last 12 months to ₹59.43 crores in FY21 in earnings, even though its income rose to ₹152.46 crores this 12 months from ₹148.63 crores final yr. In the six months finished on September 30, 2021, the company reported a internet profit of ₹46.76 crores, though revenue rose to ₹100.03 crores.