Digital maps provider MapmyIndia hits $1.12 bln valuation in market debut (updated)

CE Info Systems

21/12/2021 05:12

(Updates shares, IPO details, background)
    BENGALURU, Dec 21 (Reuters) - MapmyIndia  CEIF.NS , which
powers Apple Inc's  AAPL.O  maps in the country, surged 54% in
its market debut on Tuesday following a bumper initial public
offering subscription last week, valuing the digital maps
provider at 84.66 billion rupees ($1.12 billion).
    Shares of the company, also known as CE Info Systems, opened
at 1,565 rupees before rising as high as 1,590 rupees, compared
with the IPO price of 1,033 rupees. The stock pared some of the
gains to trade 32% higher at 1,362 rupees by 0452 GMT.
    The listing rides a rebound in broader equities after sharp
declines in recent sessions on fears about the rapidly spreading
Omicron variant of the coronavirus. 
    Barring lacklustre performances by a few large companies
like Paytm  PAYT.NS , Indian tech companies have seen strong
subscriptions and trading debuts this year as stock markets
soared amid abundant liquidity.
    Last week, MapmyIndia got bids worth 1.13 trillion rupees in
its IPO, or 154.71 times the shares on offer. The IPO, which
comprised solely an offer for sale by shareholders, aimed to
fetch 10.40 billion rupees.  urn:newsml:reuters.com:*:nL4N2SV276
    MapmyIndia, which counts Qualcomm Inc  QCOM.O  and Walmart
Inc-backed  WMT.N  PhonePe among its early investors, provides
services to more than 5,000 clients including car makers
Mercedes Benz, Maruti Suzuki and Audi and telecom operator
Bharti Airtel.

($1 = 75.7220 Indian rupees)

 (Reporting by Rama Venkat and Chris Thomas in Bengaluru;
Editing by Subhranshu Sahu)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))