Digital Mapping Firm Files for IPO as India Frenzy Continues
MapmyIndia filed a draft prospectus for an initial share sale on Tuesday, joining a slew of local startups.
(Bloomberg) -- MapmyIndia, an Indian digital mapping company, filed a draft prospectus for an initial share sale on Tuesday, joining a slew of local startups flooding the market with new listings.
Shareholders of the company, whose data powers Apple Inc.’s Maps and Amazon.com Inc.’s Alexa in India, will sell 7.55 million shares in the initial public offering, according to the documents. MapmyIndia, formally named CE Info Systems Pvt., will not sell any new shares.
The New Delhi-based company, backed by Qualcomm Inc. and Walmart Inc.-owned payments startup PhonePe, will follow food-delivery app Zomato Ltd., which had a successful IPO in July. Others preparing for their first time share sales include ride-hailing startup Ola, which has selected banks to manage an IPO that could raise about $1 billion, Paytm, the country’s leader in digital payments, and digital education startup Byju’s.
Axis Capital, JM Financial, Kotak Investment Banking and DAM Capital will manage MapmyIndia’s IPO, the document showed.
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