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The share allotment of MapmyIndia (CE Info Systems), a leading provider of advanced digital maps, geospatial software and location-based IoT technologies, has been finalised and the shares of the company will be listed on December 21, 2021.

The share allotment was finalised on December 16 and shares will be credited to the demat accounts of eligible investors just a day ahead of the market listing.

MapmyIndia’s Rs 1039.61 crore public issue received a strong response from investors from December 9 to December 13 as it was subscribed over 154 times. It received bids for 108 crore shares compared to the offer size of just over 70 lakh shares.

Read | MapmyIndia: What GMP suggests on last day of subscription

The portion reserved for retail investors was oversubscribed 15.20 times, while that of non-institutional investors and qualified institutional investors was subscribed 4254.69 and 196.36 times, respectively.

A majority of the brokerages gave a ‘subscribe’ rating to the issue, based on its strategic business, financial position and profitability.

Some brokerages like Motilal Oswal and GCL Securities had recommended investors to subscribe to the issue for listing gains. On the other hand, brokerage firm Anand Rathi advised investors to subscribe for long-term gains.

WHAT GMP INDICATES?

MapmyIndia seems poised for one of the best market listings among all other public issues slated to debut on Dalal Street next week, according to the current grey market premium (GMP).

As of 1:30 pm on Friday, the GMP of MaymyIndia stood at Rs 940, or a premium of 91 per cent compared to the issue price of Rs 1033. If there is no further change, the shares of the company may get listed at Rs 1973.

It is worth mentioning, however, that the GMP of MapmyIndia and other IPOs fell over the past few days due to volatility in the primary markets. MapmyIndia IPO’s GMP was Rs 1,040 on December 15 and has fallen by Rs 100 in just two days.

Despite the ongoing stock market volatility, the company’s shares seem to be heading towards a strong debut.

Author

India today

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