CE Info Systems, the owner of digital map maker MapmyIndia, has filed a draft red herring prospectus (DRHP) for a Rs 1,200 crore initial public offering (IPO). The IPO consists of a sale of 75.5 lakh shares by its existing shareholders and promoters, including investors Qualcomm Asia Pacific, Japanese map maker Zenrin, “The objects of the Offer are to carry out the Offer for Sale of up to 7,547,959 equity shares by the Selling Shareholders and achieve the benefits of listing the Equity Shares on the Stock Exchanges,” the DRHP read. At the time of the filing of the DRHP, PhonePe holds 36.11 percent of equity shares on fully diluted basis and Zenrin invests 17.82 percent, it said. Key takeaways Total Indian addressable market of maps and location-based intelligence services expected to grow to $7.74 billion in 2025 This industry is expected to grow at the compounded annual growth rate (CAGR) 15.5 per cent from 2019 to 2025 MapMyIndia registered Rs 192 crore as of March 31, 2021 The company’s profits doubled in FY2021 to Rs 59 crore from Rs 23 crore in FY2020. Background: The company was founded in 1992 by siblings Rakesh and Rashmi Verma. It claims to have a 90 per cent market share in the automative space. It claims to have BMW and TATA as its clients, apart from tech companies such as Apple and Amazon. What do they intend to do with the investment? Build broader stack of software: MapMyIndia in the DRHP said it…
