MapmyIndia Shares End 33.11% Higher On Market Debut
Shares of C.E. Info Systems Ltd., widely known as MapmyIndia, surged on market debut after investors piled into its initial public offer.
The digital map provider's stock listed at Rs 1,565 apiece, a 51.5% premium to its IPO price of Rs 1,033, on the National Stock Exchange. The stock touched an intraday high of Rs 1,590. It ended its first trading session at Rs 1,375 apiece, up 33.11% over its IPO price. The benchmark Nifty 50 closed 0.94% higher.
The digital map provider's IPO—a pure offer for sale by promoters, private equity and other selling shareholders—was subscribed 154.71 times.
Besides digital maps, MapmyIndia provides geospatial software and location-based IoT technologies. Its customer base spans new-age consumer internet technology firms, automotive manufacturers, large businesses across segments like banking and financial services, telecom, consumer goods, industrials, logistics and transportation.
The company's solutions combine data and technology to build platforms that offer software as a service, platform as a service and digital maps as a service. Some of the leading clients include Amazon Alexa, Apple, Paytm, PhonePe, Umang, EatFit and McDonald's.