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Digital mapping company MapmyIndia, which powers Apple maps, has fixed a price band of 1,000-1,033 a share for its 1,040-crore initial share-sale, which will open this week on Thursday, December 9. The three-day initial public offering (IPO) will conclude on December 13. The bidding for anchor investors will open on December 8.

As per market observers, MapmyIndia shares premium have surged to 805 in the grey market today. The company's shares are expected to list on exchanges on December 21, 2021.

The IPO is entirely an offer for sale of up to 10,063,945 equity shares by existing shareholders and promoter. The public issue is expected to fetch 1,039.6 crore at the upper end of the price band. At present, promoters Rakesh Kumar Verma and Rashmi Varma hold 28.65% and 35.88% stake in the company.

MapMyIndia, also known as CE Info Systems, is backed by global wireless technologies company Qualcomm and Japanese digital mapping Zenrin. The New Delhi-based company is leading provider of advanced digital maps, geospatial software and location-based IoT technologies.

The company's net profit rose to 59 crore in FY21 from 23 crore a year earlier whereas its total revenue surged to 152 crore during the period, up from 148.6 year-on-year.

Apple products use MapmyIndia maps as do payment gateways like PayTm, PhonePe, or e-commerce food delivery platforms like McDonalds, Grofers, Cars24. Store locators by companies like SBI Branch Locator, Bajaj Finserv, Prasar Bharti DTH Dealer locator use the same.

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors and 35% for the retail investors. Investors can bid for a minimum of 14 equity shares and in multiples thereof. Axis Capital, JM Financial, Kotak Mahindra Capital and DAM Capital Advisors are the lead managers to the issue.

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