MapmyIndia IPO receives 6.16 times subscription

The initial share sale of CE Info Systems Ltd, the parent of digital mapping company MapmyIndia, elicited 6.16 times subscription and all categories were oversubscribed on the second day of the offering on Friday.

Popularly known through its brand MapmyIndia, the company is backed by global wireless technologies company Qualcomm and Japanese digital mapping firm Zenrin.

The latest data available with the BSE showed that the company received 4,33,94,624 bids for 70,44,762 shares on sale, which translates to a subscription of 6.16 times.

Among the categories, the Retail Individual Investors (RIIs) portion received the maximum subscription at 7.17 times with 2,52,38,542 bids. The shares on offer are 35,22,381.

According to the data, the subscription stood at 4.32 times for the Qualified Institutional Buyers (QIBs) section. For the 20,12,789 shares on offer, the bids received touched 86,97,668.

With respect to non-institutional investors, the subscription was 6.27 times as the number of bids was at 94,58,414 against 15,09,592 shares on sale.

The company mopped up Rs 312 crore from anchor investors on Wednesday.

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.

The company provides advanced digital maps, geospatial software and location-based IoT technologies, and among others, it powers Apple maps. PTI