Digital mapping company MapmyIndia, also known as CE Info Systems Ltd, has set a price band of 1,000-1,033 per share for its initial public offering (IPO) which is expected to open on December 9.
The IPO will close on December 13 and the company plans to list on the exchanges on December 21.
The issue consists of an offer of net sale (OFS) by the existing shareholders and promoters. The Company has increased its OFS size to 10.06 million shares from the earlier 7.55 million shares.
The OFS includes 4.25 million shares by Rashmi Verma, 2.70 million shares by Qualcomm Asia Pacific Ptey, up to 1.3 million shares by Zenrin Company, 1.74 million shares by other shareholders.
On the upper price band, MapmyIndia plans to increase 1,039.61 crore through OFS.
Presently, Rakesh Kumar Verma holds 28.65% stake while Rashmi Verma holds 35.88% stake in the firm. The company is called Qualcomm Inc. and Flipkart, who hold 8.58% and 36.56% stake respectively.
Axis Capital, JM Financial, Kotak Mahindra Capital and DAM Capital Advisors are the lead managers of the issue.
The company recorded a total revenue of 152.46 crore in FY 2011, up from 148.63 crore a year ago. net profit increased 59.43 crore from 23.20 crore during this period.
MapmyIndia, whose data is shared by Apple Inc. in India. Maps and Amazon.com Inc. Powers Alexa, a leading provider of advanced digital maps, geospatial software and location-based IoT technologies.
The firm provides products, platforms, application programming interfaces and solutions in a range of digital map data, software and IoT for the Indian market under its name brand and for the international market under the Maple brand.
According to data from the Ministry of Road Transport and Highways, its digital maps cover 6.29 million km of roads in India, representing 98.50% of the country’s 6.39 million km road network as of the end of March 2019.
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