Digital mapping company MapmyIndia, which powers Apple maps, on Wednesday said it has mobilised Rs 312 crore from anchor investors ahead of its initial share sale that opens for public subscription on Thursday. The company has allotted 30.19 lakh equity shares to 24 anchor investors at Rs 1,033 apiece, taking the transaction size to Rs 312 crore, according to a circular uploaded on the BSE website.
Fidelity, Nomura, Goldman Sachs, Morgan Stanley, Aberdeen and HSBC were allocated equity shares by MapmyIndia into the anchor book. In addition, leading domestic mutual funds SBI Mutual Fund (MF), HDFC MF, ICICI Prudential MF, Aditya Birla Sun Life MF, Tata MF and Sundaram MF, as well as life insurance companies such as HDFC Life Insurance Company and Tata AIA Life Insurance Company participated in the anchor book.
The IPO is entirely an offer for sale (OFS) of up to 10,063,945 equity shares by existing shareholders and promoters. The OFS comprises sale of up to 42.51 lakh equity shares by Rashmi Verma, up to 27.01 lakh equity shares by Qualcomm Asia Pacific Pte Ltd and up to 13.7 lakh equity shares by Zenrin Co Ltd. The remaining 17.41 lakh equity shares will be offloaded by several other shareholders.
At present, promoters — Rakesh Kumar Verma and Rashmi Varma — hold 28.65 per cent and 35.88 per cent stake in the company. The issue, with a price band of Rs 1,000-1,033 a share, will open on December 9 and close on December 13. The public issue is expected to fetch Rs 1,039.6 crore at the upper end of the price band. C.E. Info Systems Ltd, popularly known through its brand MapmyIndia, 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. The company’s customers include PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis, Safexpress and Goods and Service Tax Network (GSTN). Apple products use MapmyIndia maps as do payment gateways like Paytm, PhonePe, and e-commerce food delivery platforms like McDonalds, Grofers and Cars24.
Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and 35 per cent for the retail investors. Investors can bid for a minimum of 14 equity shares and in multiples thereof. Axis Capital, JM Financial, Kotak Mahindra Capital and DAM Capital Advisors are the lead managers to the issue.