The initial public offering of CE Info Systems Ltd (MapmyIndia) was subscribed 154.71 times on the last day of the issue opening thanks to a strong response from non-institutional investors (HNIs) and Qualified Investor Buyers (QIBs).

The portion reserved for non-institutional investors was subscribed 424.69 times while the Qualified Investor Buyer portion received bids for 196.36 times. The portion reserved for retail investors was subscribed 15.20 times.

The company, which powers Apple maps, received bids for around 109 crore (1,08,98,95,450) shares, as against 70.44 lakh shares on offer.

The company had fixed the price band for its IPO at ₹1,000-1,033. The issue closed today. The minimum bid quantity was 14 shares.

The ₹1,040-crore IPO was purely an offer for sale of one crore equity shares by promoter Rashmi Verma (42.51 lakh shares) and selling shareholders Qualcomm (27.01 lakh shares) and Zenrin Co Ltd (13.70 lakh shares).

Anchor investors

CE Info Systems that operates popular site MapmyIndia.com last week raised ₹311.88 crore from 34 anchor investors. The company in consultation with merchant bankers has decided to allot 30.19 lakh shares to anchor investors at ₹1,033 a share.

Among the marquee investors are global funds such as Fidelity, Nomura, Goldman Sachs, HSBC Global, Morgan Stanley, University of Notre Dame DU LAC, Volrado Venture, Aberdeen Standard Asia Focus Plc, Theleme India Master Fund, Pinebridge Global Funds and Alchemy Leaders. Besides, domestic majors such as SBI Mutual Fund, HDFC Trustee Company, ICICI Prudential, Aditya Birla Sun Life Trustee, Nippon Life, HDFC Life Insurance, Tata AIA Life Insurance, Tata Mutual Fund, Sundaram Mutual Fund, IDFC MF, and Edelweiss Trusteeship have also participated in the anchor book.

C.E. Info Systems Limited (MapmyIndia) is a data and technology products and platforms company, offering proprietary digital maps as a service (“MaaS”), software as a service (“SaaS”) and platform as a service (“PaaS”). It is one of the leading providers of advanced digital maps, geospatial software and location-based IoT technologies.

The mapping tech company has over 2,000 customers across map-as-a-service, software-as-a-service (SaaS), IoT solutions and application programming interface (API).

The 26-year-old mapping tech company MapmyIndia has been powering some of the leading companies in India and globally including Apple, Uber, Amazon, BMW, Honda, Toyota, Mercedes, Ola, Yulu, Flipkart, Ola, Amazon, HDFC bank, Central Board of Direct Taxes, Umang App, Indian Space Research Organisation (ISRO), State governments and many more. The company’s repository of mapping data of the Indian landscape covers 6.3 million road kilometres, 7,933 towns and cities, 6,37,472 villages, 17.79 million places across categories.

The company is profitable. It’s cash flow from operations grew 152.6 per cent between FY20 and FY21 reaching ₹98.5 crore, according to the Draft Red Herring Prospectus (DRHP).

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