MapMyIndia To File for Rs.1,200 Crore IPO
MapMyIndia is a homegrown story of a digital geographical mapping company that today powers the likes of Apple and Alexa with digital mapping solutions. MapmyIndia, a 25 year old company, may not be a popular consumer brand, but it has been one of the consistently profitable digital brands in India. MapMyIndia now plans to file its DRHP with SEBI for a Rs.1,200 crore public issue.
All We Know About MapMyIndia IPO
MapmyIndia has some formidable backers including Qualcomm, Wal-Mart and PhonePe. These three players will also take a partial exit from the company via the OFS, which will be part of the IPO. Zenrin, a leading Japanese map publisher, also has a strategic stake in MapMyIndia.
Also Read: Upcoming IPOs in September 2021
Over the last few years, MapMyIndia has been consistently reporting top line revenues of above Rs.160 crore with a net profit margin of 20-25% on an average. Qualcomm was one of the early investors in MapMyIndia when it invested $9 million in 2009. Later Zenrin invested $30 million in 2011 followed by $1.5 million from Flipkart in 2015.
MapMyIndia IPO looks to be prompted by the government decision to liberalize mapping and make geospatial data freely available to Indian companies with requisite checks and balances. The promoters have confirmed that the pandemic led to rapid adoption of digital modes of communication as the default setting. That opened up huge opportunities for MapmyIndia.
MapmyIndia works closely with over 5,000 enterprises in offering them geographical mapping services. The IPO will, apart from giving an exit to early investors, also look to leverage the “Atma Nirbhar” campaign of the government of India, wherein preference will be given to Indian companies.
Currently, MapMyIndia has a large automobile client franchise but it will also look to expand its franchise of travel, tourism, telecom and defence. The IPO will be a combination of a fresh issue and an offer for sale.
Read Now: Upcoming IPOs List in 2021
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