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The initial public offering (IPO) of MapmyIndia will hit the market on December 9, Thursday.

The price band of the digital mapping company for the initial stake sale has been fixed at Rs 1,000-1,033 per equity share bearing face value of Rs 2 each.

The issue will be open for subscription till December 13, 2021. The company is eyeing to raise Rs 1,039.6 crore via the primary route.

About MapmyIndia:

Founded in 1992, MapmyIndia, owned by CE Info Systems, is a leading provider of advanced digital maps, geospatial software and location-based IoT technologies in India.

Products, platforms, application programming interfaces (APIs) and solutions across a range of digital map data, software and IoT are provided for the Indian as well as international market.

IPO details:

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

Selling shareholders include Rashmi Verma, investor Qualcomm Asia Pacific Pte Ltd and Zenrin Co Ltd. Hence, the company will not receive any funds from the IPO as all the money will go to selling shareholders.

Minimum bid for the IPO:

Investors can bid for a minimum of 14 equity shares and in multiples of 14 thereof.

Retail investors will be able to bid for a minimum of 14 shares or one lot at Rs 14,462 and a maximum of 13 lots or Rs 1,88,006 at the upper price band, since they cannot apply for more than Rs 2,00,000 in an IPO.

Other details about the issue:

Axis Capital, JM Financial, Kotak Mahindra Capital Company and DAM Capital Advisors have been appointed to manage the issue.

Furthermore, Link Intime India has been appointed as the registrar for the issue.

The Equity Shares in this Offer are proposed to be listed on both BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE). For the purpose of the offer, BSE will be the Designated Stock Exchange.

Author

India today

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