Qualcomm-backed CE Info Systems raises $41.32m from anchors
By Vinu Lal
13:46, 9 December 2021
India’s CE Info Systems, a data and technology products company operating the MapmyIndia and Mappls brands, has raised INR3.12bn ($41.32m) from 24 anchor investors ahead of its initial stake sale to the public, according to a regulatory update.
The company allocated 3.02 million shares at INR1033 a share on Wednesday to marquee foreign and domestic investors. About 1 million shares worth INR1.04bn, or about 33% of the total anchor book size, were allocated to nine mutual funds through 17 schemes, the data showed.
The marquee foreign portfolio investors included Fidelity, Nomura, Goldman Sachs, Morgan Stanley, Aberdeen, HSBC and White Oak among others.
Domestic mutual funds such as SBI, HDFC, ICICI Prudential, Birla, Nippon, Tata and Sundaram and life insurance companies such as HDFC Life and Tata AIA Life invested through the anchor book process.
CE Info Systems had earlier filed a draft red herring prospectus (DRHP or early papers) with domestic market regulator Securities and Exchange Board of India (Sebi) for an initial public offering (IPO) in September.
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The IPO is a complete Offer For Sale (OFS) of 10.06 million shares by existing investors. Of which, up to 2.7 million shares would be tendered by Qualcomm Asia Pacific, up to 1.37 million shares by Zenrin and up to 1.74 million shares by other selling shareholders.
The IPO will fetch INR10.40bn at the upper end of the price band. Being a complete OFS, the company will not receive any proceeds from the offer, it added.
The firm had earlier fixed the price band at INR1000–INR1033 per share. The IPO opened for subscription today, and will closes on Monday (13 December 2021).
Axis Capital, JM Financial, Kotak Mahindra Capital and DAM Capital Advisors are the managers to the issue.
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 clients.