MapmyIndia raises Rs 312 cr from anchor investors at Rs 1,033 per share

33% of anchor book allocated to 9 mutual funds through 17 schemes

MapmyIndia has raised Rs 311.88 crore in its anchor book, ahead of its initial share sale that opens for public subscription on Thursday and closes on Monday.

Foreign portfolio investors including Fidelity, Nomura, Goldman Sachs, Morgan Stanley, Aberdeen, HSBC and White Oak were allocated equity shares by MapmyIndia in the anchor book.

Domestic mutual funds such as SBI, HDFC, ICICI Prudential, Birla, Nippon, Tata & Sundaram and life insurance companies such as HDFC Life and Tata AIA Life also participated in MapmyIndia’s anchor book.

The company informed the bourses that it has allocated 30,19,183 shares at Rs 1033 per share on Wednesday to anchor investors. Out of the total allocation of 30,19,183 equity shares to the anchor investors, 10,06,395 equity shares were allocated to 9 mutual funds through 17 schemes amounting to Rs 103.96 crore i.e. approx. 33 per cent of the total anchor book.

MapmyIndia aims to mop up Rs 1,040 crore through an initial public offering that will sell 18.9 per cent of the equity shares of the firm. This means that the 25-year-old tech company is valued at Rs 5,500 crore in the IPO.

MapmyIndia will still be majority-owned by its founders Rakesh Verma and Rashmi Verma after the IPO -- as they will have around 53 per cent shareholding in the company.

The mapping company saw its revenue from operations almost double to Rs 100 crore in the six months ended September (H1) compared to Rs 55 crore in the corresponding period last year. Its net profit in H1 od FY22 increased 161 per cent to Rs 47 crore on a year on year basis.

The company’s revenue was marginally up from Rs 149 crore in FY20 to Rs 152 crore in FY21. Its net profit grew 157 per cent to Rs 59 crore in FY21 compared to the previous year as a result of returns from financial investments.

MapmyIndia has around 500 enterprise customers at present for its mapping services and internet-of-things based platform. In FY21, 44 per cent of its revenue came from auto companies, 9 per cent from the government, and the rest from other corporate customers.