MapmyIndia parent company CE Info Systems made a bumper debut on the stock market on Tuesday, despite volatility in the equity market. MapmyIndia share opened at Rs 1,581 on the BSE, 53 per cent up against the issue price of Rs 1,033. On NSE, MapmyIndia stock got listed at Rs 1,565. Healthy financials with no debt and stellar subscription to its initial public offering supported stellar listing for MapmyIndia stocks.
MapmyIndia IPO opened for subscription earlier this month with a price band of Rs 1,000-1,033 per share. MapmyIndia IPO was booked 154.71 times, all thanks to competitive pricing, healthy company book and unique product offering.
MapmyIndia IPO received bids of over 108.98 crore shares against the total issue size of over 70.44 lakh shares, data showed. The portion set aside for the qualified institutional buyers (QIBs) was subscribed 196.36 times, while that of non institutional investors was subscribed a whopping 424.69 times. The shares allocated for retail individual investors (RIIs) were subscribed 15.20 times, the data showed.
MapmyIndia IPO was an entirely offer for sale (OFS) issue with to 10,063,945 equity shares by existing shareholders and promoters. The company has raised Rs 1,039.6 crore at Rs 1,033 per share though it will not receive anything from the offer.
MapmyIndia shares were available at a price of Rs 1,733 per share in the grey market, a 68 per cent or Rs 700 premium over issue price of Rs 1,033, as per IPO Watch and IPO Central. The high GMP of MapmyIndia also indicated a strong listing of its shares.
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