MapmyIndia files draft papers for IPO (updated)
31/08/2021 15:50
(Adds details of offering, background)
BENGALURU, Aug 31 (Reuters) - MapmyIndia, which powers Apple
AAPL.O maps in India, has filed draft papers with the domestic
market regulator for an initial public offering, with existing
investors including Qualcomm and Zenrin Co offering up to 7.5
million shares.
The company did not reveal the value of the IPO, but a
source told Reuters on Monday that the offering could be worth
10-12 billion rupees ($137.13-$164.56 million). urn:newsml:reuters.com:*:nL4N2Q11NV
The New Delhi-based MapmyIndia, also known as CE Info
Systems, also powers the navigation system in MG Motor and BMW
cars in India.
On Monday, Reuters reported the company was seeking a
valuation of 50-60 billion rupees ($681-$817 million), according
to a source with direct knowledge of the matter.
MapmyIndia's early investors include Qualcomm QCOM.O ,
Walmart Inc-backed WMT.N PhonePe and Japanese mapmaker Zenrin
9474.T .
Earlier this year, India relaxed restrictions on mapping by
allowing local firms to collect, generate, store and produce
geo-spatial data including maps. The government expects the
geo-spatial products and solutions market to be worth $13.6
billion 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 COVID-19 pandemic. Food-delivery
firm Zomato Ltd ZOMT.NS saw strong gains in its market debut
last month.
MapmyIndia's consolidated profit more than doubled to 594.3
million rupees for the year ended March 31, from a year ago, the
draft prospectus showed.
Revenue from operations increased to 1.52 billion rupees for
the year ended March 31, from 1.49 billion rupees for the
year-ended March 2020.
Axis Capital, JM Financial and Kotak Mahindra Capital are
among the book running managers for the IPO.
($1 = 72.9230 Indian rupees)
(Reporting by Vishwadha Chander, Nallur Sethuraman in Bengaluru
and Aditya Kalra in New Delhi; Editing by Shailesh Kuber)
((Vishwadha.Chander@thomsonreuters.com; Mobile: +91 7506036802;
Twitter: https://twitter.com/vishwadha;))