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MapmyIndia, which powers Apple maps in India, has filed draft papers with the domestic market regulator for an initial public offering, with existing investors including Qualcomm and Zenrin Co, offering up to 7.5 million shares.
The company did not reveal the value of the IPO, but a source told Reuters on Monday that the offering could be worth ₹10-12 billion ($137.13-164.56 million).
The New Delhi-based MapmyIndia, also known as CE InfoSystems, powers the navigation system in MG Motor and BMW cars in India.
MapmyIndia targets valuation of up to $817 million with IPO filing this week, says source
On Monday, Reuters reported the company was seeking a valuation of ₹50-60 billion ($681-817 million), according to a source with direct knowledge of the matter.
MapmyIndia’s early investors include Qualcomm, Walmart Inc-backed PhonePe and Japanese mapmaker Zenrin.
Rules relaxed
Earlier this year, India relaxed restrictions on mapping by allowing local firms to collect, generate, store and produce geo-spatial data, including maps. The government expects the geo-spatial products and solutions market to be worth $13.6 billion by 2030.
With rules on geospatial data liberalised, map-making made easy
The offering comes at a time when Indian companies are rushing into capital markets, with equities at record highs as the economy recovers from the Covid-19 pandemic. Food delivery firm Zomato Ltd saw strong gains in its market debut last month.
MapmyIndia’s consolidated profit more than doubled to ₹594.3 million for the year ended March 31, from a year ago, the draft prospectus showed.
Revenue from operations increased to ₹1.52 billion for the year ended March 31, from ₹1.49 billion for the year ended March 2020.
Axis Capital, JM Financial and Kotak Mahindra Capital are among the book running managers for the IPO.
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