New Delhi: Digital mapping company MapMyIndia has submitted an application to the Indian stock markets regulator SEBI to raise capital through an Initial Public Offering (IPO).
According to the Draft Red Herring Prospectus (DRHP), the IPO is purely based on an Offer For Sale (OFS), under which 75,47,959 Equity Shares will be offered for sale by the promoters and existing shareholders of the company.
The OFS includes the sale of 30,70,033 shares owned by Rashmi Verma, 20,26,055 shares owned by Qualcomm Asia Pacific Pte. Ltd., and 10,27,471 shares owned by Zenrin Co. Ltd.
MapMyIndia, also known as CE Info-Systems, is backed by global wireless technology company Qualcomm and Japanese digital mapping company Zenrin.
MapMyIndia is an online navigation app similar to Google Maps. The Indian digital mapping company provides mapping and navigational data of 7.5 lakh Indian villages, 7500+ cities. The company claims that it has the most exhaustive digital map database of India.
Earlier this year, MapmyIndia and Indian Space Research Organisation (ISRO) partnered together to offer a fully indigenous, mapping portal and geospatial services through an app.
According to MapMyIndia, satellite images and observation data are being provided by ISRO. Based on this data, MapMyIndia provided navigation services to people digitally.
Rohan Verma, CEO of MapMyIndia, had said that this indigenous app will revolutionize the way Indians navigate and would prove to be a milestone for the nation's development.
In a tweet, Indian PM Narendra Modi had also appreciated the collaboration and said that this move would prove to be a cornerstone to develop a "Self-Reliant, Self-Sustaining India".