After a bumper subscription at its initial public offering last week, shares of MapmyIndia made a strong market debut on Tuesday with the stock listing at a premium of over 51% at ₹1,565 per share on the NSE as compared to issue price of ₹1,033 apiece.
The new edge technologies, such as SaaS, PaaS, and MaaS platform providers, are poised to have a bright future,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
The IPO was entirely an offer for sale of up to 10,063,945 equity shares by existing shareholders and promoter and had a price range of ₹1,000-1,033 per share.
Info Systems Ltd, popularly known through its brand MapmyIndia, is backed by global wireless technologies company Qualcomm and Japanese digital mapping Zenrin.
The company’s data powers Apple Inc.’s Maps and Amazon.com Inc.’s Alexa voice assistant.