MapmyIndia IPO subscribed 200% on first day of initial offer

The IPO of C.E. Info Systems Ltd, the parent of digital mapping company MapmyIndia, got subscribed more than two times on the first day of the offering.

New Delhi: The initial public offer of C.E. Info Systems Ltd, the parent of digital mapping company MapmyIndia, got subscribed more than two times on the first day of the offering on Thursday.

The company, popularly known through its brand MapmyIndia, is backed by global wireless technologies company Qualcomm and Japanese digital mapping Zenrin. It provides advanced digital maps, geospatial software and location-based IoT technologies. Among others, it powers Apple maps.

Latest data with the BSE showed that the Initial Public Offer (IPO) got subscribed 2.02 times with as many as 1,42,31,406 bids coming in for 70,44,762 shares on offer.
The portion for Retail Individual Investors (RIIs) was subscribed 3.28 times. For 35,22,381 shares on offer, a total of 1,15,38,380 bids were received.

The Qualified Institutional Buyers (QIBs) category got subscribed 46 per cent and the portion for non-institutional investors was subscribed 1.17 times. In the latter segment, there are 15,09,592 shares on offer and 17,59,870 bids were received, as per the data.

On Wednesday, the company raised Rs 312 crore from anchor investors.

The IPO is entirely an offer for sale of up to 10,063,945 equity shares by existing shareholders and promoters. The price band for the issue is Rs 1,000-1,033 a share. Also Read: Indian economy likely to grow 9% next fiscal: Credit Suisse

The issue is expected to fetch Rs 1,039.6 crore at the upper end of the price band. Also Read: Booking LPG cylinder? Use THIS method to get bumper cashback on buying cooking gas