MapmyIndia Targets Valuation Of Up To Rs 6,000 Crore In IPO: Report

MapmyIndia, which powers Apple maps in India, will file draft papers for an preliminary public providing price Rs 1,000-1,200 crore this week, a supply with direct information of the matter stated.

The digital map maker, which additionally powers the navigation system in MG Motor and BMW vehicles, is looking for a valuation of Rs 5,000-6,000 crore, in keeping with the supply, who didn't need to be named because the IPO particulars had been non-public.

MapmyIndia declined to remark.

The New Delhi-based firm's IPO will, nevertheless, consist solely of a proposal on the market, permitting early traders an exit, the supply stated. MapmyIndia's early traders embody Qualcomm Inc, Walmart Inc-backed PhonePe and Japanese mapmaker Zenrin Co Ltd.

Earlier this 12 months, authorities relaxed restrictions on mapping by permitting native corporations to gather, generate, retailer and produce geo-spatial knowledge together with maps. The authorities expects the geo-spatial merchandise and options market to be price $13.6 billion by 2030.

The providing comes at a time Indian corporations are dashing into capital markets, with equities at file highs because the financial system recovers from the pandemic. Food-delivery agency Zomato Ltd noticed sturdy features in its market debut final month.

MapmyIndia, also called CE Info Systems, won't get any new proceeds from the providing and retail traders will get 35 per cent of the IPO measurement, the supply stated.

Bloomberg News first reported of the corporate's IPO plans over the weekend.