MapmyIndia, which powers Apple maps in India, will file draft papers for an preliminary public providing price Rs 1,000-1,200 crore this week, a supply with direct data of the matter stated.
The digital map maker, which additionally powers the navigation system in MG Motor and BMW automobiles, is in search of a valuation of Rs 5,000-6,000 crore, based on the supply, who didn’t need to be named because the IPO particulars have been non-public.
MapmyIndia declined to remark.
The New Delhi-based firm’s IPO will, nevertheless, consist solely of a suggestion on the market, permitting early buyers an exit, the supply stated. MapmyIndia’s early buyers embrace Qualcomm Inc, Walmart Inc-backed PhonePe and Japanese mapmaker Zenrin Co Ltd.
Earlier this yr, authorities relaxed restrictions on mapping by permitting native corporations to gather, generate, retailer and produce geo-spatial knowledge together with maps. The federal government expects the geo-spatial merchandise and options market to be price $13.6 billion by 2030.
The providing comes at a time Indian firms are dashing into capital markets, with equities at document highs because the financial system recovers from the pandemic. Meals-delivery agency Zomato Ltd noticed robust good points in its market debut final month.
MapmyIndia, also referred to as CE Information Programs, is not going to get any new proceeds from the providing and retail buyers will get 35 per cent of the IPO dimension, the supply stated.
Bloomberg News first reported of the corporate’s IPO plans over the weekend.
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