MapMyIndia files IPO papers with Sebi

NEW DELHI: Digital mapping company MapMyIndia, which powers Apple Maps, has filed preliminary documents with capital market regulator Sebi to raise funds via a first sale of shares.

The initial public offering (IPO) is entirely an offer to sell a maximum of 75.47.959 shares by existing shareholders and a promoter, according to the Draft Red Herring Prospectus (DRHP).

The Offer to Sell (OFS) includes the sale of up to 30,70,033 shares by Rashmi Verma, up to 20,26,055 by Qualcomm Asia Pacific Pte Ltd and up to 10,27,471 by Zenrin Co Ltd.

MapMyIndia, also known as CE Info Systems, is backed by global wireless technology company Qualcomm and Japanese digital cartography Zenrin.

The New Delhi-based company is a leading provider of advanced digital maps, geospatial software and location-based Internet of Things (IoT) technologies.

It provides products, platforms, application programming interfaces (APIs) and solutions across a range of digital map data, software and IoT under the MapmyIndia and Mappls brands. The company’s customers include PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis, Safexpress, and Goods and Service Tax Network (GSTN).

According to the draft documents, Apple products use MapmyIndia cards, as do payment gateways like PayTm, PhonePe or online food delivery platforms like McDonalds, Grofers, Cars24. Store locators from companies such as SBI Branch Locator, Bajaj Finserv, Prasar Bharti DTH Dealer locator use the same.

Axis Capital, JM Financial,

Capital and DAM Capital Advisors are the main managers of the issue.

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