Mapmyindia, a digital mapping products company, plans to raise Rs.1,200–1,300 billion through an IPO.
The company, which is aiming for a valuation of Rs 5,500 billion, has hired investment banks Kotak Mahindra Capital, Axis Capital and JM Financial to lead the IPO, people with knowledge of the development told ET.
The draft prospectus for the IPO is likely to be filed with the Sebi Markets Authority next week, people said.
Flipkart, one of the company’s investors, and the promoters will sell part of their stake in the IPO, which includes issuing new shares, one of the people said. “They expect to take to the streets after Diwali.”
Bloomberg was the first to report on the company’s IPO plan on Sunday.
Encouraged by Zomato’s record public listing, many companies are trying to raise capital in the public market, both profitably and loss-making. Among them Ola, Policybazaar, Droom, Paytm, Ixigo and Nykaa are formalizing their IPO plans and have hired investment bankers.
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Founded in 1992 by Rakesh and Rashmi Verma, MapmyIndia dominates the automotive market and provides services to automotive manufacturers such as BMW, Tata Motors, Honda and Toyota. It also works with companies like Ola, PhonePe, Yulu, Apple, and Amazon.
According to news reports, the company had net income of Rs 24 billion on sales of Rs 149 billion for the fiscal year ended March 31, 2020. The data provided by Tracxn shows the company’s sales for the 2019 financial year at 162 billion euros in the previous year. It made a profit of Rs 39 crore in FY19 and Rs 35 crore in the previous year. Between 2015 and 2017, sales rose from Rs 115 crore to Rs 140 crore, according to Tracxn data.
The company was last valued at Rs.1,600 billion when it raised capital from Flipkart in 2015. Previously, it was backed by venture capital funds like Lightbox and Nexus Venture Partners. These funds were spent when Flipkart checked in.