MapmyIndia makes a strong debut, lists at over 53% premium above issue price

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MapmyIndia share price: Shares of digital mapping company C.E. Info Systems (MapmyIndia) debuted on a strong note and got listed at a premium of 53 per cent from their issue price in the stock exchanges today.

The scrip got listed at Rs 1581.00 apiece on the BSE, thereby registering a gain of 53.05 per cent from its offer price of Rs 1,033.00, while on the National Stock Exchange (NSE), it opened at Rs 1,565.00, up 51.50 per cent from the issue price.

The stock inched a tad higher from its opening levels and within minutes touched a high of Rs 1586.85 on BSE and Rs 1,590.00 on NSE. However, it gave up some of its gains a little later.

At 10:10 am, the scrip was trading at Rs 1388.35 on the BSE, up 34.40 per cent from the issue price while on NSE it was at Rs 1,375.50, up 33.16 per cent. The market capitalisation stood at Rs 7,391.99 crore, data from the BSE showed.

Nearly 47 lakh shares of MapmyIndia were traded so far on NSE while around 4.36 lakh shares have exchanged hands on the BSE, data from the respective stock exchange showed.

C.E. Info Systems is popularly known by its brand MapmyIndia. It is a New Delhi-based firm and a leading provider of digital maps, geospatial software and location-based IoT technologies. It is backed by global wireless technologies company Qualcomm and Japanese digital mapping Zenrin.

The IPO was met with a robust demand during its offer period from December 9-13, 2021. It saw a whopping 154.71 times subscription on the final day.

Reacting to the listing, Santosh Meena, Head of Research at Swastika Investmart, said “Financially, the company is doing well and its business model is sustainable. In spite of the fact that the IPO was purely OFS based, it attracted investors and got subscribed 154 times. The new edge technologies, such as SaaS, PaaS, and MaaS platform providers, are poised to have a bright future.”

He further noted that the investors who had applied for the IPO’s listing gain should put a stop loss of Rs 1480 while the long-term investors who got allotments should continue to hold the stock. He added that new investors can also look for buying in the dips.

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