Goldman Sachs Group Inc. and Morgan Stanley are among the institutional investors bidding to take part in the original public featuring of Indian electronic-map supplier MapmyIndia, according to folks acquainted with the issue.
Mutual money of India’s HDFC, Point out Lender of India, Aditya Birla Group and ICICI Lender Ltd. are also bidding to turn into so-identified as anchor investors in the IPO, mentioned the folks, asking not to be named for the reason that the details is not public. MapmyIndia, formally C.E. Details Methods Ltd., mentioned Monday it is boosting as a great deal as 10.four billion rupees ($138 million) by offering shares at 1,000 rupees to 1,033 rupees apiece.
The enterprise set aside a lot less than four billion rupees of stock for anchor investors and has acquired bids for much more than thirty instances that, according to one particular of the folks. The IPO is set to value the mapmaker at about 55 billion rupees, mentioned one particular of the folks. MapmyIndia mentioned anchor investors can formally bid on Dec. eight, and the public share sale will run from Dec. 9 to Dec. thirteen. The stock is scheduled to get started buying and selling on Dec. 21.
A agent for MapmyIndia declined to remark on the anchor investors. Associates for Goldman Sachs and Morgan Stanley as very well as asset professionals of HDFC, SBI, Aditya Birla and ICICI did not straight away answer to requests for remark.
MapmyIndia’s details powers Apple Inc.’s Maps and Amazon.com Inc.’s Alexa voice assistant, and shoppers also involve Mercedes-Benz, McDonald’s Corp. and e-commerce enterprise Flipkart. Centered in the Delhi suburb of Okhla, MapmyIndia is backed by Qualcomm Inc. and Walmart Inc.-owned payments enterprise PhonePe.
A rally in India’s stock market place has led to a throng of net startups racing to list in the public markets. Whilst most debuts have been productive, the latest lackluster performance of the country’s largest startup, electronic payments pioneer Paytm, proved an exception. Nonetheless the IPO rush carries on unabated and MapmyIndia’s share sale is slated alongside at minimum a few other people this week.
MapmyIndia is lucrative, in contrast to many of India’s higher-profile startups these kinds of as Zomato Ltd. and Paytm. In the 6 months by way of September, the mapmaker’s income from operations was 1 billion rupees, as opposed with 1.fifty two billion rupees for the comprehensive preceding fiscal yr.
The enterprise was founded by Rakesh and Rashmi Verma, the husband-and-spouse duo who keep on to run it and keep on being promoters, according to its IPO prospectus.
MapmyIndia, also backed by Japanese mapmaker Zenrin Co., commenced operations in the early 1990s in what is viewed as one particular of the most challenging international locations for mapping. Its solutions now involve AI-driven maps that it builds for customers which includes Avis Price range Group Inc. and Hyundai Motor Co.