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It will be an understatement to say that 2021 has been a milestone year for India’s maturing startup ecosystem. The country has seen some of its matured, first-gen tech companies going public, with several others in line. Now, CE Info Systems, which operates popular digital map provider MapMyIndia, has joined the list with its initial public offering (IPO), which is supposed to kick off on December 9 and close on December 13.

The bidding for anchor investors will open on December 8, while the price band for the initial stake sale has been fixed at ₹1000-1033 per equity share of a face value of ₹2 each by the existing shareholders and promoters, and the company itself will not receive any proceeds from the issue.

The company announced that the offer would be a floor price of 500 times the face value of the shares and cap price will be 516.50 times, while the lot size would be 14 equity shares and in multiples of 14 from there. Retail investors will be able to bid for a minimum of 14 shares or one lot at ₹14,462 and a maximum of 13 lots of ₹1, 88,006 at the upper price band. Up to 10,063,945 equity shares will be sold in the IPO, which is entirely an offer for sale (OFS), and it is expected that the IPO will raise nearly ₹1040 crores at the upper end of the price band.

As part of the OFS, promoter Rashmi Verma will sell up to 42.51 equity shares, Qualcomm Asia Pacific Pte Ltd will sell up to 27.01 lakh shares, Zenrin Co Ltd. will sell up to 13.7 lakh shares, and other selling shareholders will sell 17.41 lakh shares.

The 29-year-old MapmyIndia offers Navigation, Tracking, IoT, Analytics, and web mapping service for desktop and mobile devices, as well as advanced GPS tracking devices, car in-dash infotainment & plug & play on-board diagnostics, car trackers. MapmyIndia shares in the grey market have a strong premium of ₹780, and the company’s shares are expected to list on exchanges on December 21, 2021.

CE Info Systems is a well-known name in the sector – the data and technology products and platforms company is known to offer services such as proprietary digital maps as a service (MaaS), software as a service (SaaS), and platform as a service (PaaS). It has serviced over 2000 enterprise customers (in both the Indian and global markets) as of September, and its clients include prominent names such as PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis, Safexpress, and Goods and Service Tax Network (GSTN).

The company is among a rare breed of profitable tech startups, having clocked a steep rise in both profit and revenue in FY21 – from ₹23.19 crores last year to ₹59.43 crores in FY21 in profits, while its revenue rose to ₹152.46 crores this year from ₹148.63 crores last year. In the six months ended on September 30, 2021, the company reported a net profit of ₹46.76 crores, while revenue rose to ₹100.03 crores.