C.E. INFO SYSTEMS LIMITED (mapmyindia) IPO

 

 

Company background

C E Info Systems Limited (“MapmyIndia”) was incorporated on February 17, 1995. MapmyIndia provides products, platforms, application-programming interfaces (“APIs”) and solutions across a range of digital map data, software and IoT. The company primarily service enterprise customers across 3 major categories, i.e. (i) corporate, (ii) automotive, and (iii) government and their customers in turn serve the larger community of end users.

Company earns revenue in form of subscription fees, royalties or annuities for licenses and usage rights to their proprietary digital MaaS, PaaS and SaaS offerings. Some of their key customers include PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis, Safexpress & Goods and Service Tax Network (“GSTN”).

 

Objectives of the Offer

 

To carry out the offer for the sale of 10,063,945 equity shares.

Achieve the benefits of listing the equity shares on the stock exchanges

MapmyIndia IPO Details

IPO Opening Date	Dec 9, 2021
IPO Closing Date	Dec 13, 2021
Issue Type	Book Built Issue IPO
Face Value	₹2 per equity share
IPO Price	₹1000 to ₹1033 per equity share
Market Lot	14 Shares
Min Order Quantity	14 Shares
Listing At	BSE, NSE
Issue Size	10,063,945 Eq Shares of ₹2
	(aggregating up to ₹1,039.61 Cr)
Offer for Sale	10,063,945 Eq Shares of ₹2
	(aggregating up to ₹1,039.61 Cr)
QIB Shares Offered	Not more than 50% of the offer
Retail Shares Offered	Not less than 35% of the offer
NII (HNI) Shares Offered	Not less than 15% of the offer

 

MapmyIndia IPO Tentative Timetable

 

IPO Open Date	Dec 9, 2021
IPO Close Date	Dec 13, 2021
Basis of Allotment Date	Dec 16, 2021
Initiation of Refunds	Dec 17, 2021
Credit of Shares to Demat Account	Dec 20, 2021
IPO Listing Date	Dec 21, 2021

 

MapmyIndia IPO Lot Size

 

Application	Lots	Shares	Amount (Cut-off)
Minimum	1	14	₹14,462
Maximum	13	182	₹188,006

 

 Positives:

(a) Pioneers of digital mapping in India having an early mover advantage.

(b) Leading the B2B and B2B2C market for digital maps and location intelligence in India.

(c) Proprietary technology and network effect resulting in competitive edge.

(d) Independent, global geospatial products and platforms company with strong data governance.

 

 Investment concerns:

(a) Downturn trend or disruptions in the industries where company’s customers operate.

(b) Disruption in automotive sector, key market for the company.

(c) Inability to maintain or update map database or errors in our map database.

(d) Inability to protect intellectual property (“IP”) or any third-party claims in relation to infringement of intellectual property rights.

 

 Outlook & Valuation:

MapmyIndia being a pioneer, has certain advantages as its digital maps and other solutions are localized for the challenging Indian Geography and are extensive in terms of coverage. There is scope of further up selling or cross selling while the maps and platform are constantly updated with validated feedbacks which can create network effect. Despite the impact of Covid on key customer market (Automobile & Mobility Tech) in FY21, the company was able to post revenue growth of ~3% and the margin profile is strong which would be supported with growing scale going ahead. At the upper end of the price band, the company is commanding price to sales multiple of ~36x on FY21 revenue and 28x based on TTM Revenues. Considering the company’s leadership position in India, client base and benefits of network effect, healthy margins and return profile as well strong cash conversion, we recommend SUBSCRIBE on the issue from a long-term perspective.

How to Apply for  IPO?

You can apply for the IPO in these ways:

Demat Account

If you’re a new investor open demat account for free with Angel One using link https://tinyurl.com/k79bdf4z to begin your investment journey.

UPI

Alternatively, you can apply for IPO through UPI. First, you need to connect your bank account with a preferred UPI platform. Then, link it with your Angel One account. After that, you can use the UPI option present on the Angel One website and app to subscribe to IPO.

Finally, go to the UPI app to book shares for the IPO.