New Delhi: Despite volatility in the equity market, CE Info Systems – MapmyIndia’s parent firm – made a strong start on the exchanges on Tuesday by listing with a premium of 53 per cent.
The stock opened at Rs 1,581 on the BSE against an issue price of Rs 1,033 per share, while the opening price on the National Stock Exchange was Rs 1,565. Good membership of its Initial Public Offering (IPO) and sound financials supported the stock price on Tuesday.
According to dealers, MapMyIndia’s gray market premium (GMP) stood at Rs 700 on Monday, a day before listing on BSE and NSE.
MapmyIndia’s IPO witnessed tremendous investor demand as the offer was subscribed 154.71 times during December 9-13.
Analysts recommend subscribing to the issue considering its strong financial position, leadership in digital mapping, strong data governance and marquee clients across all segments.
Non-institutional investors bid 424.69 times the share reserved for them, and qualified institutional buyers were booked 196.36 times the allotted quota, while the portion set aside for retail investors saw subscriptions 15.20 times.
The company has earmarked half of the issue size for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs) and 35 per cent for retail investors. In this IPO, investors can bid in a minimum of 14 equity shares and multiples thereof. Axis Capital, JM Financial, Kotak Mahindra Capital and DAM Capital Advisors were the lead managers to the issue.
Ahead of the IPO, CE Info Systems raised Rs 312 crore from 24 anchor investors.
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