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MapmyIndia IPO to open on 9 December; price band set at Rs 1,000-1,033 per share
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  • MapmyIndia IPO to open on 9 December; price band set at Rs 1,000-1,033 per share

MapmyIndia IPO to open on 9 December; price band set at Rs 1,000-1,033 per share

FP Trending • December 7, 2021, 14:54:44 IST
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The company’s share premium have risen up to Rs 805 in the grey market today, as per reports. The shares are expected to be listed on the stock exchanges on 21 December

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MapmyIndia IPO to open on 9 December; price band set at Rs 1,000-1,033 per share

The Initial Public Offering IPO of CE Info Systems, known for its brand MapmyIndia, will open on 9 December. The price band of the shares will be Rs 1,000 to Rs 1,033 apiece, as per reports. The company is looking to raise Rs 1,039.6 crore through its IPO, which will close on 13 December.   According to MoneyControl, the face value is Rs 2 per equity shares and the issue will be at a floor price that is 500 times the face value of the shares. Investors can bid for a lot of 14 shares, and multiples of 14 shares after that. The minimum investment for one lot will be Rs 14,462, if we consider the upper range of the price band. The maximum investment at the upper price band of the shares is Rs 1,88,006 for 13 lots . The company’s share premium have risen up to Rs 805 in the grey market today, as per reports. The shares are expected to be listed on the stock exchanges on 21 December. The IPO will be an Offer for Sale OFS only, that will offload 1,00,63,945 equity shares by existing shareholders and investors, including Qualcomm Asia Pacific Pte Ltd, which will sell 27,01,407 shares. Hence the money will go to selling shareholders and the company will not receive any funds from the IPO. Zenrin Co Ltd will also offload 13,69,961 equity while 42,51,044 equity shares will be sold by individual selling shareholder Rashmi Verma. Non-institutional investors will have 15 percent of the issue reserved for them while 50 percent of the portion has been allocated to Qualified Institutional Buyers (QIBs). The remaining 35 percent of the issue has been reserved for retail investors. Axis Capital, DAM Capital Advisors, JM Financial and Kotak Mahindra Capital Company are the book running lead managers to the issue. As per news reports, Morgan Stanley as well as Goldman Sachs Group Inc. are among the institutional investors bidding in the IPO. A data and technology products and platforms company, CE Info Systems offers a range of products and services including software as a service (SaaS), proprietary digital maps as a service (MaaS), and platform as a service (PaaS). The company is also a provider of geospatial software, advanced digital maps and location-based IoT technologies. The company counts HDFC Bank, Airtel, Hyundai, PhonePe, Flipkart, Yulu, Goods and Service Tax Network (GSTN), MG Motor, Avis and Safexpress among its clients.

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