Digital mapping company MapmyIndia, which powers Apple maps, has fixed a price band of Rs 1,000-1,033 a share for its Rs 1,040-crore initial share sale, which will open on December 9.
The three-day initial public offering (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 1,00,63,945 equity shares by existing shareholders and the promoter.
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 stakes, respectively, in the company.
The public issue is expected to fetch Rs 1,039.6 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 McDonalds, Grofers, Cars24. Store locators by companies like SBI Branch Locator, Bajaj Finserv, Prasar Bharti DTH Dealer locator use the same.
Also Read — MapmyIndia files draft papers for IPO
Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and 35 per cent for retail investors.
Investors can bid for a minimum of 14 equity shares and in multiples thereof. Axis Capital, JM Financial, Kotak Mahindra Capital and DAM Capital Advisors are the lead managers to the issue.
Outlining the key growth strategies for the company, Rohan Verma, Chief Executive Officer of MapmyIndia, speaking at a virtual press meet, said that the firm will augment products, platforms and technology lead, continue to scale and expand customer reach by leveraging its market presence in India, and drive expansion in international markets.
The company is also looking to pursue selective strategic acquisitions and investments to grow its business, and will consider revenue-led or technology-led buys to accelerate market expansion. Connected vehicles technology is playing an integral role in consumer choice around vehicles, leading to an increased push for maps and technologies, Verma observed.
"Because we provide real-time maps, real-time navigation, real-time safety alerts, in-vehicle commerce and electric mobility services. So, in that sense, we see the future quite positively," Verma said.
The company pointed out that it is profitable and is not raising primary capital as it is "self-sufficient with cash flow" that is generated.
To a query on why Qualcomm is exiting its investment in full, the company noted that while the chip major has been with the firm for the past 13 years, they felt that their venture fund would like them to exit now.
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