MapmyIndia IPO Subscribed Over 6 Times On Final Day So Far. Should You Invest?

MapmyIndia IPO received as over 6 crore bids for a little over 1 crore shares on offer.C.E. Info Systems, the promoter of digital map service provider MapmyIndia was, witnessing heavy demand for its shares in the ongoing share sale via initial public offering (IPO). MapmyIndia’s IPO was subscribed over 6 times by 11:00 am on the final day of the issue, data from the National Stock Exchange showed. The IPO received over 6 crore bids for a little over 1 crore shares on the offer. A total of 2.64 crore bids were received at the cut-off price, the data showed.Non-institutional investors were seen bidding for shares in large number as portion reserved for them was subscribed 6.21 times, shares set aside for retail investors was subscribed 4.86 times and portion set aside for qualified institutional buyers was subscribed 2.49 times, data from the National Stock Exchange showed.Here are details of MapmyIndia IPO:IPO Price BandRs 1,000-1,033 Per ShareIPO DatesDecember 9-13Market Lot14 SharesIPO SizeRs 1,040 CroreFresh Issue-Offer For SaleRs 1,040 CroreMapmyIndia is raising Rs 1,040 crore via IPO which is an offer for sale wherein its investors Rashmi Verma, Qualcomm Asia Pacific and Zenrin Co. Ltd are selling shares in the IPO. The company has fixed price band of Rs 1,000-1033 per share and a retail investor can bid for minimum one lot of 14 shares up to maximum of 13 lots. One lot of MapmyIndia shares will cost Rs 14,462 at the upper range of the price band.50 per cent of the IPO is reserved for qualified institutional buyers, 35 per cent for retail investors and 15 per cent for non-institutional investors and high net worth individuals.Some of the company’s customers include PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, and Hyundai.Axis Capital, DAM Capital Advisors, JM Financial Consultants and Kotak Mahindra Capital Company are the book running lead managers to the issue while Link Intime India is the registrar to the issue.”The company’s prospects look good going ahead as the growing start-up culture in the country is likely to benefit the company’s bottom line going ahead,” Manan Doshi of Unlisted Arena told NDTV.In the grey market MapmyIndia shares were quoting at a premium of Rs 1,080 per share, according to market observers.



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