Digital mapping company MapMyIndia has set the price band for its initial public offering (IPO) at Rs 1,000-1,033 per equity share of face value of Rs 2 each.
The offer, which will open on December 9 will be at a floor price of 500 times the face value of the shares and cap price will be 516.50 times.
The IPO will conclude on December 13. The bidding for anchor investors will open on December 8, the company announced.
The IPO is entirely an offer for sale 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. In addition, the remaining 17.41 lakh equity shares will be offloaded by several other selling 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 public issue is expected to fetch Rs 1,033.6 crore at the upper end of the price band.
MapMyIndia, also known as CE Info Systems, 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.
It provides products, platforms, application programming interfaces (APIs), and solutions across a range of digital map data, software, and IoT under the MapmyIndia and Mappls brands. 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, or e-commerce food delivery platforms like McDonald’s, Grofers, Cars24. Store locators by companies like SBI Branch Locator, Bajaj Finserv, Prasar Bharti DTH Dealer locator use the same.
Half of the issue size has been reserved for qualified institutional buyers (QIBs). Further, not less than 15 per cent of the offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35 per cent of the isue shall be available for allocation to Retail Individual Bidders (“RIBs”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the offer price, the company stated.
Investors can bid for a minimum of 14 equity shares and in multiples thereof.
Axis Capital Limited, JM Financial Limited, Kotak Mahindra Capital Company Limited, and DAM Capital Advisors Limited are the book running lead managers to the issue.