Digital maps provider MapmyIndia hits $1.12 bn valuation in market debut

BENGALURU (Reuters) -MapmyIndia, which powers Apple Inc's maps in the country, surged 54% in its market debut on Tuesday following a bumper initial public offering subscription last week, valuing the digital maps provider at 84.66 billion rupees ($1.12 billion).

Shares of the company, also known as CE Info Systems, opened at 1,565 rupees before rising as high as 1,590 rupees, compared with the IPO price of 1,033 rupees. The stock pared some of the gains to trade 32% higher at 1,362 rupees by 0452 GMT.

The listing rides a rebound in broader equities after sharp declines in recent sessions on fears about the rapidly spreading Omicron variant of the coronavirus.

Barring lacklustre performances by a few large companies like Paytm, Indian tech companies have seen strong subscriptions and trading debuts this year as stock markets soared amid abundant liquidity.

Last week, MapmyIndia got bids worth 1.13 trillion rupees in its IPO, or 154.71 times the shares on offer. The IPO, which comprised solely an offer for sale by shareholders, aimed to fetch 10.40 billion rupees.

MapmyIndia, which counts Qualcomm Inc and Walmart Inc-backed PhonePe among its early investors, provides services to more than 5,000 clients including car makers Mercedes Benz, Maruti Suzuki and Audi and telecom operator Bharti Airtel.

($1 = 75.7220 Indian rupees)

(Reporting by Rama Venkat and Chris Thomas in Bengaluru; Editing by Subhranshu Sahu)