India Mapmaker’s IPO interests Goldman and Morgan Stanley
According to people familiar with the matter, Goldman Sachs and Morgan Stanley are among the institutional investors bidding to participate in MapmyIndia’s IPO.
In addition to HDFC, SBI, Aditya Birla Group and ICICI Bank, the people said, asking not to be identified because the information isn’t public. It will raise up to 10.4 billion rupees ($138 million) by selling 1,000 to 1,033 rupee shares at a price of 1,000 to 1,033 rupees each.
Stocks worth less than 4 billion rupees were reserved for anchor investors, but bids exceeded that amount, according to one person. One person said the IPO will value the mapmaker at around 55 billion rupees. Anchor investors can bid on Dec. 8 and the public share sale runs from Dec. 9 to 13. The stock is set to trade on Dec. 21.
MapmyIndia refused to comment on the anchor investors. Goldman Sachs, Morgan Stanley, HDFC, SBI, Aditya Birla, and ICICI did not immediately respond to requests for comment.
Customers include Mercedes-Benz, McDonald’s, and e-commerce giant Flipkart. MapmyIndia is backed by Qualcomm Inc. and Walmart Inc.-owned payment company PhonePe.
A surge in the Indian stock market has prompted a rush of internet startups to go public. While most debuts have been successful, Paytm, the country’s largest startup, recently underperformed. But the IPO frenzy continues, with MapmyIndia joining at least three others this week.
Unlike Zomato Ltd. and Paytm, MapmyIndia is profitable. The mapmaker earned 1 billion rupees in the six months ended September, compared to 1.52 billion rupees in the previous fiscal year.
Rakesh and Rashmi Verma founded the company, which they still run and promote, according to its IPO prospectus.
MapmyIndia, backed by Japanese mapmaker Zenrin Co., started in the early 1990s in one of the most difficult to map countries. It now builds AI-powered maps for clients like Avis Budget Group Inc. and Hyundai Motor Co.