When is MapmyIndia planning to tap the IPO market and what is their business?
Answer
Answer
MapmyIndia will be the latest player to tap the IPO market. It plans to file a draft red herring prospectus or DRHP with SEBI to raise Rs.1,200 crore from the IPO market. For starters, this is the very company that powers Apple maps in India. MapmyIndia also powers the navigation system in MG Motor and BMW cars using their proprietary mapping technology.
It is targeting a valuation of Rs.6,000 crore in the IPO, which will entirely be an OFS to give exit to big guns like Qualcomm, Wal-Mart and Phone Pe etc. It may recollected that the Indian government had recently started sharing geospatial data with the private sector and it is estimated that the Indian geo-spatial solutions market could be worth close to $13.6 billion by the year 2030