30 Aug 2021
MapmyIndia Seeks IPO Valuation of up to $817 Million
The Index Today
MapmyIndia, a renowned technology company in India which powers Apple maps throughout the country will be drafting for an initial public offering this week. The IPO is estimated to be around 10-12 billion rupees, or, $136-$163 million.
The Delhi-based company is known to power the navigation system in BMW and MG Motor vehicles in the country. According to a reliable source, MapmyIndia is seeking a valuation of 50-60 billion rupees.
The IPO is expected to comprise of an offer for sale, enabling early investors including Qualcomm Inc, Walmart Inc-backed PhonePe, and Zenrin Co Ltd to exit. Retail investors are expected to get 35% from the IPO size whereas the company with not acquire any new proceeds.
The country has eased restrictions lately, allowing companies to generate, collect, store and create geospatial data for maps. It is expected that such mapping products and solutions will have a market worth of $13.6 billion in the next decade.
Indian companies are moving into capital markets at record highs as the economy begins to recover from the pandemic. Zomato, one of its leading food delivery apps saw high gains last months after its debut.