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Updated on: Tuesday, December 21, 2021, 12:11 PM IST

MapMyIndia makes stellar debut; stocks see bumper listing at 53% premium

The shares of MapMyIndia were trading at Rs 1581 per share on open on BSE. / Representative Image | Photo: Pixabay

The shares of MapMyIndia were trading at Rs 1581 per share on open on BSE. / Representative Image | Photo: Pixabay

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MapMyIndia shares made a stellar debut on stock exchanges on Tuesday, as the stock saw bumper listing at 53 per cent premium over initial public offer (IPO) price of Rs 1033 per share.

The shares of digital mapping company were trading at Rs 1581 per share on open on BSE. This was a gain of Rs 548 against its issue price of Rs 1,033. The investors made a profit of Rs 548 per share on the listing day, as per media reports.

Santosh Meena, Head of Research, Swastika Investmart Ltd., said, "Financially, the company is doing well and its business model is sustainable. In spite of the fact that the IPO was purely OFS-based, it attracted investors and got subscribed 154 times. The new edge technologies, such as SaaS, PaaS, and MaaS platform providers, are poised to have a bright future.

"The IPO got listed at Rs 1565 per share, which is a 51.50% percent premium over the issue price of Rs 1033. Investors who applied for the IPO's listing gain should put a stop loss of 1480 and long-term investors who got allotments should continue to hold the stock. New investors can also look for buying in the dips."

IPO price band

Digital mapping company MapMyIndia, which powers Apple maps, fixed a price band of Rs 1,000-1,033 aper equity share of the face value of Rs 2 each for this initial public offer (IPO), for its Rs 1,040-crore initial share-sale, which opened on December 9. The issue was subscribed 1.08 times on the first day of the IPO.

The three-day IPO concluded on December 13 and the issue was subscribed a whooping 154.7 times. Against 70,44,762 allotted shares, the IPO of digital mapping services received bids for 4,33,94,624 shares at the closing of Day 2.

The OFS comprises sale of up to 42.51 lakh equity shares by Rashmi Verma, up to 27.01 lakh equity shares by Qualcomm Asia Pacific Pte Ltd, and up to 13.7 lakh equity shares by Zenrin Co Ltd. In addition, the remaining 17.41 lakh equity shares will be offloaded by several other selling shareholders.

In addition, the remaining 17.41 lakh equity shares had to be offloaded by several other selling shareholders.

(With inputs from PTI)

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Published on: Tuesday, December 21, 2021, 11:53 AM IST
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