MapMyIndia, the digital mapping business that powers Apple Maps, has set a price range of Rs 1,000-1,033 per share for its Rs 1,040-crore initial public offering (IPO), which will begin on December 9.
On December 13, the three-day initial public offering (IPO) will come to an end. The company said that bidding for anchor investors will begin on December 8. The IPO is solely an offer for current shareholders and the promoter to sell up to 10,063,945 equity shares.
Rashmi Verma may sell up to 42.51 lakh equity shares, Qualcomm Asia Pacific Pte Ltd may sell up to 27.01 lakh equity shares, and Zenrin Co Ltd may sell up to 13.7 lakh equity shares under the Offer for Sale (OFS). Several other selling shareholders would also offload the remaining 17.41 lakh equity shares. At the upper end of the pricing band, the public issue is estimated to raise Rs 1,039.6 crore.
MapMyIndia, formerly CE Info Systems, is supported by Qualcomm, a multinational wireless technology business, and Zenrin, a Japanese digital mapping startup. The company is a prominent provider of innovative digital maps, geospatial software, and location-based “Internet of Things” (IoT) solutions, with headquarters in New Delhi.