New Delhi: Goldman Sachs Group and Morgan Stanley are among the offerings of institutional investors to participate in the initial public offering (IPO) of the Mapmyindia digital map provider, according to people who are familiar with this problem.
HDFC Mutual Fund, State Bank of India (SBI), Aditya Birla Group and ICICI Bank also bid to be what is called an anchor investor in the IPO, said people, requesting that information unpublished.
Mapmyindia, Official CE Info Systems Ltd., said Monday raising as much as 1,040 crore ($ 138 million) by selling shares for RS 1,000 to RS 1,033 respectively.
The company set aside less than RS 400 crore shares for anchor investors and has received offers for more than 30 times, according to one person.
The IPO is set to appreciate the applicant around RS 5,500 Crore, said one person.
Mapmyindia said the anchor investors could officially bid on December 8, and the sale of public shares would run from 9-13 December.
Stock is scheduled to start trading on December 21.
Representatives for Mapmyindia refused to comment on the anchor investors.
Representatives for Goldman Sachs and Morgan Stanley and HDFC assets managers, SBI, Aditya Birla and Icici did not immediately respond to a comment request.
Mapmyindia data utilizes Apple maps and Alexa Voice Assistants, and customers also include Mercedes-Benz, McDonald’s Corp and E-commerce Company Flipkart.
Based in the suburbs of Delhi Okhla, Mapmyindia is supported by a Qualcomm and Walmart payment company owned by Phoneepe.
A general meeting on the Indian stock market has caused a crowd of racing internet startup to register in the public market.
While most of the debut was successful, the recent performance of the country’s largest startup, Paytm Pioneer Digital Payments, proved exceptions.
But the IPO Rush continues and the sale of Mapmyindia’s shares is scheduled in addition to at least the other three this week.
Mapmyindia is profitable, unlike many Indian Indian profile startups such as Zomato and Paytm.
In six months to September, the mapmaker revenue from operation was Rs 100 Crore, compared to Rs 152 Crore for the previous fiscal year before.
The company was founded by Rakesh and Rashmi Verma, husband Duo and wife who continued to run it and remain a promoter, according to the IPO prospectus.
Mapmyindia, also supported by Japanese Papmaker Zenrin Co., began operations in the early 1990s in what was considered one of the most challenging countries for mapping.
The product now includes a map empowered by AI which is built for clients including the Avis budget group and Hyundai Motor Co.