IPO Wrap: MapmyIndia IPO subscribed over 154 times on final day led by non institutional investors and QIBs

MapmyIndia IPO subscription status: The initial public offering (IPO) of digital mapping company C.E. Info Systems (MapmyIndia) was subscribed 154.71 times on the final day.

MapmyIndia, also known as CE Info Systems, is backed by global wireless technologies company Qualcomm and Japanese digital mapping Zenrin. (Image source: Facebook/MapmyIndia)

MapmyIndia IPO subscription status: The initial public offering (IPO) of digital mapping company C.E. Info Systems (MapmyIndia), which was launched on Thursday was met with a robust response by the investors as it got subscribed 154.71 times on the final day, according to the data available on the BSE.

The Rs 1,040 crore offer received bids for over 108.98 crore (1,08,98,95,450) shares against the total issue size of over 70.44 lakh (70,44,762) shares, the data showed.

The shares which are to be allocated for the qualified institutional buyers (QIBs) was subscribed 196.36 times, while those of non institutional investors was subscribed a whopping 424.69 times and that of retail individual investors (RIIs) was subscribed 15.20 times, the data showed.

MapmyIndia IPO is entirely an offer for sale (OFS) of up to 10,063,945 equity shares by existing shareholders and promoters. The company will not receive anything from the offer.

The offer had opened for subscription on Thursday, December 9, 2021, and concluded at 5 pm Monday, December 13, 2021. It had a price band of Rs 1,000-1,033 per share and before heading into the IPO, the company raised nearly Rs 312 crore from the anchor investors.

C.E. Info Systems is popularly known by its brand MapmyIndia. It is a New Delhi-based firm and a leading provider of digital maps, geospatial software and location-based IoT technologies. It is backed by global wireless technologies company Qualcomm and Japanese digital mapping Zenrin.

The clients of the company include the likes of PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis, Safexpress and Goods and Service Tax Network (GSTN).

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Going ahead, investors will now look forward to the share allotment date of the issue. The finalisation of the basis of allotment for MapmyIndia is expected to take place on Thursday, December 16, 2021, as per the information provided in the red herring prospectus.