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Tanushree Jaiswal
24/04/2024
IPO
5paisa Research Team
10th December 2021
C.E. Info Systems (MapmyIndia) IPO - Subscription Day 1
The Rs.1,039.61 crore IPO of C.E. Info Systems (MapmyIndia), consisting entirely of an offer for sale (OFS) of Rs.1,039.61 crore, saw reasonable response on Day-1 of the IPO. As per the combined bid details put out by the BSE at the end of Day-1, MapmyIndia IPO was subscribed 2.02X overall, with strong demand coming from the retail segment followed by the HNI counters. The issue will close for subscription on Monday, 13th December.
As of close of 09th December, out of the 70.45 lakh shares on offer in the IPO, C.E. Info Systems (MapmyIndia) saw bids for 142.31 lakh shares. This implies an overall subscription of 2.02X. The granular break-up of subscriptions was dominated by the retail investors followed by the HNI / NII investors.
The QIB response was limited on the first day of the IPO. Normally, it is only on the last day of bidding, the NII bids and the QIB bids build up substantial momentum. First day response may not be too relevant for them.
C.E. Info Systems (MapmyIndia) IPO Subscription Day 1
|
Category |
Subscription Status |
|
Qualified Institutional Buyers (QIB) |
0.46 Times |
|
Non Institutional Investors (NII) |
1.17 Times |
|
Retail Individuals |
3.28 Times |
|
Employees |
N.A. |
|
Overall |
2.02 times |
QIB Portion
Let us first talk about the pre-IPO anchor placement. On 08th December, C.E. Info Systems (MapmyIndia) did an anchor placement of 30,19,183 shares at the upper end of the price band of Rs.1,033 to 34 anchor investors raising Rs.311.88 crore, representing 30% of the total issue size.
The list of QIB anchors included a number of marquee international names like Fidelity, Nomura, Goldman Sachs, Morgan Stanley, Ashoka Fund, University of Notre Dame, Volrado Investments etc. Domestic investors in the anchor placement included Sundaram MF, Nippon India MF, HDFC MF, Aditya Birla Sun Life MF, SBI MF, ICICI Pru MF and Tata MF.
Check - MapmyIndia IPO - Anchor Placement Details
The QIB portion (net of anchor allocation as explained above) has a quota of 20.13 lakh shares of which it has got bids for 9.33 lakh shares at the close of Day-1, implying 0.46X subscription for QIBs at the end of Day-1. However, QIB bids typically get bunched on the last day but the solid institutional response in the anchor placement shows that there is institutional appetite for the IPO.
HNI / NII Portion
The HNI portion got subscribed 1.17X (getting applications for 17.60 lakh shares against the quota of 15.10 lakh shares). This is a relatively good start for Day-1 because this segment normally sees the maximum response bunched on the last day. Bulk of the funded applications and corporate applications, come in on the last day of the IPO only.
Retail Individuals
The retail portion was subscribed a healthier 3.28X at the close of Day-1, showing strong retail appetite; as has been the general trend with smaller sized IPOs. It must be noted that retail allocation is 35% in this IPO.
For retail investors; out of the 35.22 lakh shares on offer, valid bids were received for 115.38 lakh shares, which included bids for 90.19 lakh shares at the cut-off price. The IPO is priced in the band of (Rs.1,000-Rs.1,033) and will close for subscription on 13th December 2021.
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