MapmyIndia makes stellar market debut, lists with 53% premium

Capitalises on its early-mover advantage with a suite of offers

The stock of CE Info Systems (popularly known for its brand MapmyIndia) made a strong debut on the bourses on Tuesday. The stock got listed at Rs 1,581 — a gain of 53 per cent above its issue price. The stock could not hold on to its gains and ended the session at Rs 1,394.5 — a gain of 35 per cent above its issue price.

The initial public offering (IPO) of CE Info Systems was subscribed 154.7x. The institutional investor portion was subscribed 196x, the high networth individual portion 424x, and the retail investor portion 15x. The company had priced its IPO between Rs 1,000 and Rs 1,033 apiece.

Ahead of its IPO, the company raised Rs 312 crore from 24 anchor investors. Investors, including Fidelity, Nomura, Goldman Sachs, Morgan Stanley, Aberdeen, HSBC, and White Oak, were allotted shares. The IPO was an offer for sale worth Rs 1,039 crore.

The company is a data and technology product and platform company, offering proprietary digital maps-as-a-service (MaaS), software-as-a-service (SaaS), and platform-as-a-service (PaaS). MapmyIndia is a leading provider of advanced digital maps, geospatial software, and location-based technologies.

As of September 30, the company has serviced over 2,000 customers. During 2020-21 and the six months ended September 30, the company had over 500 customers on its MaaS, SaaS, and PaaS platforms.

The company’s customers include PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis, Safexpress, and the Goods and Service Tax Network.

The company’s digital maps cover 6.29 million kilometres of roads in India, representing 98.5 per cent of India’s road network. It provides location, navigation, analytics, and other information for 7,933 towns, 637,472 villages, and 17.79 million places.

The details are provided across many categories, such as restaurants, retail shops, malls, automated teller machines, hotels, police stations, and electric vehicle-charging stations. Axis Capital, JM Financial, Kotak Mahindra Capital Company, and DAM Capital Advisors (formerly IDFC Securities) were the book-running lead managers to the issue.