Business & Investment

Goldman, Morgan Stanley bids for Indian map maker IPO

Goldman Sachs Group Inc. and Morgan Stanley are one of the institutional investors bidding to participate in the initial public offering of Indian digital map provider Mapmy India.

Mutual funds from HDFC, State Bank of India, Adityaville La Group and ICICI Bank in India are also bidding to become so-called anchor investors in IPOs, people do not name because information is not disclosed. He said he was asking. Officially CE Info Systems Ltd. Mapmy India announced on Monday that it would raise Rupee 10.4 billion ($ 138 million) by selling its shares from Rupee 1,000 to Rupee 1033.

According to one, the company has secured less than Rs 4 billion in shares for anchor investors and has received more than 30 times the bid. According to one, the IPO will rate map makers at around 55 billion rupees. According to MapmyIndia, anchor investors will be able to formally bid on December 8th and the public shares will be sold from December 9th to December 13th. The stock is scheduled to open on December 21st.

A representative of MapmyIndia declined to comment on anchor investors. Representatives of Goldman Sachs and Morgan Stanley, as well as asset managers of HDFC, SBI, Aditya Billla and ICICI, did not immediately respond to requests for comment.

Data from MapmyIndia is from Apple Inc. Maps and Amazon.com Inc. Supporting Alexa Voice Assistant, customers include Mercedes-Benz, McDonald’s, and e-commerce company Flipkart. MapmyIndia is based in Okra, a suburb of Delhi, Qualcomm Inc. And Walmart Inc. Supported by the payment company PhonePe owned by.

Due to the backlash in the Indian stock market, many Internet startups are competing to go public. Most debuts have been successful, but the recent sluggish performance of Paytm, the pioneer of digital payments, the country’s largest startup, has proved to be an exception. Still, the IPO rush continues unabated, with Mapmy India’s stake sale scheduled alongside at least three other companies this week.

Mapmy India is profitable, unlike many of India’s most renowned startups such as Zomato Ltd. and Paytm. In the six months leading up to September, the map maker’s operating revenue was Rs. 1 billion, compared to Rs. 1.52 billion in the previous year.

According to the IPO prospectus, the company was founded by Rakesh and Rashmi Verma. The couple’s duo continue to run the company and continue to be promoters.

MapmyIndia, also backed by Japanese map maker Zenrin Co., began operations in the early 1990s in a country considered one of the most difficult to map. Currently, the company’s products include Avis Budget Group Inc. And Hyundai Motor Co. Includes maps using AI created for clients such as.

Goldman, Morgan Stanley bids for Indian map maker IPO

https://www.bloombergquint.com/business/goldman-morgan-stanley-bid-to-buy-into-india-mapmaker-s-ipo Goldman, Morgan Stanley bids for Indian map maker IPO

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