MapmyIndia Makes Robust Debut, Lists With 53 Per Cent Premium

The stock opened at Rs 1,581 on the BSE against the issue price of Rs 1,033 per share, while on the NSE, the opening price was Rs 1,565

New Delhi: Despite volatility in the equity market, CE Info Systems — the parent firm of MapmyIndia — made a strong debut on the exchanges on Tuesday, listing with a premium of 53 per cent.

The stock opened at Rs 1,581 on the BSE against the issue price of Rs 1,033 per share, while on the National Stock Exchange, the opening price was Rs 1,565. Healthy subscription to its initial public offering (IPO) and robust financials supported the stock price on Tuesday.

According to dealers, MapmyIndia’s grey market premium (GMP) stood at Rs 700 on Monday, a day prior to the listing on the BSE and the NSE.

The IPO of MapmyIndia saw tremendous demand from investors as the offer was subscribed 154.71 times during December 9-13.

Analysts have recommended to subscribe for the issue given its strong financials, leadership in digital mapping, strong data governance and marquee customers across sectors.

Non-institutional investors had put in bids 424.69 times the portion reserved for them, and the allotted quota of qualified institutional buyers was booked 196.36 times, while the portion set aside for retail investors saw 15.20 times subscription.

The company has fixed half of the issue size for the qualified institutional buyers (QIBs), 15 per cent for the non-institutional investors (NIIs) and 35 per cent for the retail investors. Investors can bid for a minimum of 14 equity shares and in multiples thereof in this IPO. Axis Capital, JM Financial, Kotak Mahindra Capital, and DAM Capital Advisors were the lead managers to the issue.

Ahead of the IPO, CE Info Systems raised Rs 312 crore from 24 anchor investors.