AGI Member MapmyIndia’s IPO Subscribed 154.71 Times with 100% Premium Grey Market Trading
New Delhi: As a big boost for the Geospatial industry, the initial public offering of CE Info Systems, which runs AGI member company MapmyIndia was subscribed 154.71 times on the third day of subscription on December 13, besides trading at a premium of INR 1050 in the grey market, according to IPO Watch data.
MapmyIndia received bids worth INR 1.13 lakh crore ($14.92 billion) in its IPO, with investors bidding for 1.09 billion shares of the company compared with the 7.04 million shares on offer (154.71 times). Such a strong response to the company’s IPO certainly speaks volumes about the robustness and profitability of the tech platform, along with the wide acceptance of Geospatial technology in the mainstream.
MapmyIndia is a data and technology products and platforms company, offering proprietary digital maps as a service (MaaS), software as a service (SaaS), and platform as a service (PaaS). The country’s leading indigenous provider of advanced digital maps, Geospatial software and location-based IoT technologies, MapmyIndia pioneered digital mapping in India in 1995.
Currently valued at INR 38,972 crore, the Indian Geospatial economy has the potential to grow up to INR 63,100 crore at 12.8% by 2025 end, according to India Geospatial “Artha” report released by Geospatial World at the GeoSmart India Summit 2021. The massive success of MapmyIndia’s IPO speaks of the rise of the industry along these very lines.
The AGI secretariat extends its warm congratulations to the entire team at MapmyIndia on this achievement.