Qualcomm-backed CE Info Systems fixes IPO float price band
By Vinu Lal
11:08, 6 December 2021
India’s CE Info Systems, a data and technology products company operating MapmyIndia and Mappls brands, has fixed a price band of INR1000–INR1033 per share for its initial stake sale to the public, a press statement from the company said.
The company is expected to raise INR10.40bn ($137.9m) at the upper end of the price band through the initial public offering (IPO), which opens on 9 December 2021. The IPO will close on 13 December 2021. The stake sale would be through an entire offer for sale (OFS) of 10 million shares by existing investors.
Of the total, up to 2.7 million shares would be tendered by chipmaker Qualcomm Asia Pacific and 1.36 million shares by Japanese map publisher Zenrin Co, according to the Red Herring Prospectus (RHP or final papers) posted on the web by Axis Capital, a banker to the issue.
The company would also consider a pre-IPO placement of shares on a preferential basis to private investors. The anchor investor bid would open a day prior to the date of the IPO. Following the share sale, the firm proposes to list its shares on both BSE and the National Stock Exchange of India.
Digital maps provider
Founded in 1992, MapmyIndia is a data and technology products and platforms company, providing proprietary digital maps, software as a service and platform as a service. The company counts automakers such as BMW, Tata, Honda and Toyota and start-ups such as Ola, PhonePe and Yulu as its clients.
The early investors in MapmyIndia include Qualcomm Ventures, PhonePe, and the Japanese mapmaker Zenrin. Apart from Axis Capital, JM Financial, Kotak Mahindra Capital Company and DAM Capital are the managers of the offer.
MapmyIndia offers its products across markets such as Sri Lanka, Bangladesh, Nepal, Bhutan, Myanmar, the UAE and Egypt under its Mappls brand.