MapMyIndia IPO listing: Shares likely to list in Rs 1650-1750 range against issue price of Rs 1033, says Anil Singhvi

MapMyIndia initial public offer (IPO) is all set to be listed on the bourses on Tuesday. The issue was subscribed whooping 154.7 times on the final day.

MapMyIndia IPO listing: Shares likely to list in Rs 1650-1750 range against issue price of Rs 1033, says Anil Singhvi

MapMyIndia initial public offer (IPO) is all set to be listed on the bourses on Tuesday. The issue was subscribed whooping 154.7 times on the final day. Ahead of the listing on Tuesday, Zee Business Managing Editor Anil Singhvi said that MapMyIndia shares are likely to be listed on the exchanges in the range of Rs 1650-1750 against the issue price of Rs 1,033.

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He suggested Investors to hold the shares with a stoploss of Rs 1575 per share.

Earlier, Singhvi had recommended investors to apply in CE Info Systems (MapmyIndia) IPO for big listing gain, keeping the long-term objective in this offer.

He said the company is a market leader in the Maas, Saas, and Paas segments and has huge growth potential. "The most important thing is that it is a debt-free and cash-rich company," said Anil Singhvi.

Earlier, the three-day initial public offer had opened on December 9, 2021. The initial public offer (IPO) of C.E. Info Systems Ltd-backed firm was subscribed 6.16 times on the second day of the bidding on December 10, 2021. 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 issue was subscribed 1.08 times on the first day on December 9, 2021.

The digital mapping company had fixed the price band of Rs 1,000-1,033 per equity share of the face value of Rs 2 each for its upcoming initial public offer (IPO).

The initial public offer (IPO) of CE Info Systems, the parent company of MapmyIndia, is entirely an offer for sale of up to 10,063,945 equity shares by existing shareholders and promoters. 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.

Earlier, the company had fixed half of the issue size for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and 35 per cent for the retail investors. Investors can bid for a minimum of 14 equity shares and in multiples thereof in this IPO. Axis Capital, JM Financial, Kotak Mahindra Capital and DAM Capital Advisors are the lead managers to the issue.

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