MapmyIndia makes strong market debut, share lists at 53% premium to issue price

Shares of CE Info Systems (MapmyIndia) listed at a premium of 53% to the issue price today, marking a stellar listing for the leading provider of advanced digital maps. The firm made its debut at Rs 1,581 per share (up 53.05 per cent) on the BSE against the IPO issue price of Rs 1,033.

Market cap of the firm rose to Rs 8,417 crore. Total 0.62 lakh shares of the firm changed hands amounting to a turnover of Rs 9.84 crore on the BSE.

On NSE, the stock listed at Rs 1,565, 51.50% higher to the IPO price. Market cap of the firm rose to Rs 8,332 crore. Total 11.25 lakh shares of the firm changed hands amounting to a turnover of Rs Rs 1,761 crore on the NSE.

The price band of the IPO was Rs 1,000 to  Rs 1,033 per equity share. The IPO was held from December 9 to December 13.  The share sale was subscribed 154.71 times on the final day.

The IPO of the company, which owns the brand MapmyIndia, received bids for 108.98 crore equity shares against an offer size of 70.44 lakh shares.

Retail investors placed bids for 15.20 times the allotted quota and the portion for non-institutional investors was subscribed 424.69 times. Qualified institutional buyers put in bids for 196.36 times their allotted portion.

The firm has collected Rs 1,039.6 crore from the issue. The company, which powers Apple maps, collected Rs 312 crore from anchor investors, a day ahead of the IPO.

It allotted 30.19 lakh equity shares to 24 anchor investors at Rs 1,033 apiece, taking the transaction size to Rs 312 crore.

Fidelity, Nomura, Goldman Sachs, Morgan Stanley, Aberdeen and HSBC were allocated equity shares by MapmyIndia into the anchor book.

Half of the issue size was reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and 35 per cent for the retail investors.

Axis Capital, JM Financial, Kotak Mahindra Capital and DAM Capital Advisors were the lead managers to the issue.

The IPO was entirely an offer for sale (OFS) of up to of up to 10,063,945 equity shares by existing shareholders and promoters.

C.E. Info Systems is backed by global wireless technologies company Qualcomm and Japanese digital mapping Zenrin. The New Delhi-based company is a leading provider of advanced digital maps, geospatial software and location-based IoT technologies.