MapmyIndia made a fantastic debut today. Listed on the BSE at CE Info Systems, as against the IPO price of Rs.1033, the stock listed at Rs.1581; it has come off this opening and is now trading at Rs.1365, which is still much over the IPO price.
The IPO had met with an overwhelming response, subscribing 154.71 times.
C.E. Info Systems Ltd, popularly known through its brand MapmyIndia, is backed by global wireless technologies company Qualcomm and Japanese digital mapping Zenrin. MapmyIndia is a leading provider of advanced digital maps, geospatial software and location-based IoT technologies.
In our IPO Analysis, we had given a strong subscribe for the issue. We had concluded, “Company’s historic financial performance is very encouraging with a vast market opportunity. Hence, despite rich valuations, we recommend subscribing to the IPO.”