MapmyIndia IPO Subscription Status, GMP, Valuation. Last Day to Invest, Should you?
MapmyIndia owner CE Info Systems initial public offering (IPO) saw a massive response from investors on the final day of bidding. CE Info Systems IPO received bids for 4.99 crore equity shares against an offer size of 70.44 lakh units, according to the data. MapmyIndia IPO was booked 7.09 times so far on December 13. The quota set aside for the non-institutional investors (NII) was subscribed 7.77 times. Qualified institutional buyers (QIB) have put bids 4.37 times for their portion. Retail investors have bought shares 8.36 times the allotted quota. MapmyIndia IPO was subscribed 2.02 times on its first day of bidding. On the second day, the issue was booked 6.16 times.
MapmyIndia IPO Offer, Price Details:
MapmyIndia owner CE Info Systems is one of the leading provider of advanced digital maps, geospatial software and location-based IoT technologies in India. It launched IPO on December 9 to garner Rs 1,040 crore from the offer.
MapmyIndia IPO price band has been fixed at Rs 1,000-1,033 per equity share. MapmyIndia IPO was an entirely offer for sale. Hence, the company will not receive any funds from IPO as all the money will go to selling shareholders.
Individual selling shareholder Rashmi Verma will sell 42,51,044 equity shares, while Qualcomm Asia Pacific Pte Ltd will offload 27,01,407 equity shares, and Zenrin Co Ltd will sell 13,69,961 equity shares. The remaining 17,41,533 equity shares will be sold by several other shareholders. The promoter shareholding will come down to 53.73 per cent after the issue from 61.71 per cent now.
The issue would be open for subscription till December 13.
MapmyIndia IPO Valuation:
“The company is available at the upper end of the IPO price band at 58.8x its annualised FY22 earnings attributable to post-issue equity, demanding a market cap of Rs 5,500 crore. At the upper end of the IPO price band, the issue is priced at a P/BV (price-to-book value) of 13.54x based on its NAV of Rs 76.28 as of September 30. The company has an average return on net worth at 12.86 percent for the last three years,” said Anand Rathi.
MapmyIndia IPO: Financials
Established in 1995, CE Infosystems Ltd (MapmyIndia) is a data and technology
products and platforms company, offering proprietary digital maps as a service (MaaS), software as a service (SaaS) and platform as a service (PaaS). It provides products, platforms, application programming interfaces (APIs) and solutions for the Indian market under the ‘MapmyIndia’ brand, and for the international market under the ‘Mappls’ brand.
MapmyIndia’s revenue/EBITDA/PAT has grown at a 6 per cent/42 per cent/33 per cent CAGR over FY19-21, while in H1FY22, it grew 81 per cent/308 per cent/
163 per cent respectively. EBITDA margins expanded from 18.9 per cent in FY19 to 45.2 per cent in 1HFY22. It enjoys a capital efficient business model with zero
debt, strong FCF and healthy return ratios of 23 per cent.
MapmyIndia IPO GMP:
MapmyIndia share was available at Rs 1,080 at grey market. The GMP of MapmyIndia has been hovering around Rs 1,000 in the last few days.
MapmyIndia IPO: Should you Subscribe?
MapmyIndia owner CE Info Systems is among the B2B and B2B2C market leader in India with a comprehensive suite of SaaS, PaaS and MaaS offerings is capitalizing on early mover advantage. It is an independent, global geospatial products and platforms company, with strong data governance has market position built around proprietary technology and network effect resulting in strong entry barriers.Also, company’s marquee customers across sectors with strong relationships and capability to up-sell and cross-sell has profitable business model with consistent financial track record, high operating leverage and strong cash flows. Hence we recommend ‘subscribe’ on issue for both listing gain & long term purpose,” said Hem Securities in a note.