MapmyIndia IPO: The IPO of CE Info Systems Ltd, the parent company of digital mapping company MapmyIndia, has received an overwhelming response from investors. It was subscribed 154.71 times on the last day of subscription on Monday. According to the update of NSE, this IPO has received bids for more than 108.98 crore shares, while there were 70.44 lakh shares on offer. The category of non-institutional investors was subscribed 424.69 times, while that of qualified institutional buyers (QIBs) was subscribed 196.36 times and retail individual investors (RIIs) 15.20 times.
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MapMyIndia is a digital mapping company whose data is used in Apple Maps in India. Its data is also used by ISRO, Ministry of Finance and Facebook. Global wireless technology company Qualcomm and Japanese digital mapping firm Zenrin also have stakes in the company. The price band for this issue was fixed at Rs 1,000-1,033. Its shares are likely to be listed on BSE and NSE on December 21. The company has raised Rs 312 crore from anchor investors.
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Details about the company
- MapMyIndia provides IoT (Internet of Things) technology based on digital maps, geospatial software and location.
- MapmyIndia, also known as CE Info Systems, also has stakes in Qualcomm, a global wireless technology company, and Zenrin, a Japanese digital mapping company.
- The customers of this company include PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis, SafeExpress and Goods and Service Tax Network.
- MapmyIndia’s data is also used in Apple products. Through its data, Apple users pay for the services of Paytm, PhonePe, e-commerce food delivery platform etc.
- It is also used as a store locator like SBI branch locator or Prasar Bharati DTH dealer locator.
- In its digital map, 9 km long roads of the country can be seen, which covers 98.50 percent of the country’s road network. Through this, information about ATMs, shopping malls, ATMs, restaurants, police stations, EV charging stations, etc. can be obtained.
- Talking about the financial position of the company, its net profit has increased. In the financial year 2019, it had a net profit (Profit After Tax) of Rs 57 crore. In the next financial year 2020, its profit decreased slightly and it made a profit of only Rs 23.19 crore, but in the next financial year 2021, its net profit increased to Rs 59.43 crore.
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