MapmyIndia IPO Worth Rs 1,039.61 Opens Today: Here's All The Details

New Delhi: The Initial Public Offering (IPO) of MapmyIndia worth Rs 1,039.61 has opened for subscription on Thursday with a price band of Rs 1,000-1,033 a share.

The issue can be subscribed till December 13 and investors can bid for a minimum of 14 shares and then in multiples thereof.

The company on Wednesday claimed that it has mobilised Rs 312 crore from anchor investors ahead of its initial share sale.

The subscription status of MapmyIndia, as per the Bombay Stock Exchange (BSE) at 12:40 PM on day 1, the issue of the company was subscribed 0.91 times with retail portion overbooked 1.78 times within hours of opening.

The company's IPO is entirely an Offer For Sale (OFS) of up to 10,063,945 equity shares by existing shareholders and promoter. However, according to reports, the issue is expected to garner Rs 1,039.6 crore at the upper end of the price band.

The company has reserved its 50 per cent issue for Qualified Institutional Buyers (QIBs), whereas Non-Institutional Investors (NII) will have 15 per cent of shares allocated for them. On the other hand, Retail portion has been fixed at 35 per cent of the offer.

The company's shares are expected to list on exchanges on December 21, 2021.

MapmyIndia GMP

As per the market observers, the Grey Market Premium (GMP) of MapmyIndia shares is Rs 880.

Promoters

Rashmi Verma one of the company's promoters will sell 42,51,044 equity shares, while other shareholders such as Qualcomm Asia Pacific Pte will offload 27,01,407 equity shares and Zenrin Co Ltd will sell 13,69,961 equity shares via OFS.

MapmyIndia Profile

The company MapmyIndia which was founded in 1992 is a leading provider of advanced digital maps, geospatial software, and location-based IoT technologies in India.

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