MapmyIndia, which powers Apple maps in India, will file draft papers for an initial public offering worth ₹10-12 billion ($136-163 million) this week, a source with direct knowledge of the matter said.
The digital map-maker, which also powers the navigation system in MG Motor and BMW cars in India, is seeking a valuation of ₹50-60 billion ($681-$817 million), according to the source, who did not want to be named as the IPO details were private.
MapmyIndia declined to comment.
IPO structure
The New Delhi-based company’s IPO will, however, consist solely of an offer for sale, allowing early investors an exit, the source said. MapmyIndia’s early investors include Qualcomm Inc, Walmart Inc-backed PhonePe and Japanese map-maker Zenrin Co.
Earlier this year, India relaxed restrictions on mapping byallowing local firms to collect, generate, store and producegeo-spatial data including maps. The government expects thegeo-spatial products and solutions market to be worth $13.6billion by 2030.
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 pandemic. Food-delivery firm Zomato saw strong gains in its market debut last month.
MapmyIndia, also known as CE Info Systems, will not get any new proceeds from the offering and retail investors will get 35 per cent of the IPO size, the source said.
Bloomberg News first reported of the company’s IPO plans over the weekend.