The shares of CE Info Systems Ltd, the parent of digital mapping company MapmyIndia, on Tuesday listed with a premium of 53 per cent against its issue price of Rs 1,033.
The stock made its debut at Rs 1,581, a huge gain of 53.04 per cent from the issue price on BSE. It further zoomed 53.61 per cent to Rs 1,586.85.
On NSE, it listed at Rs 1,565, a premium of 51.50 per cent.The company commanded a market valuation of Rs 6,925.85 crore in early trade on the BSE.
The initial public offer (IPO) of CE Info Systems Ltd garnered a strong investor response and was subscribed a whopping 154.71 times on the last day of subscription last week.
The IPO of up to 1,00,63,945 equity shares had a price range of Rs 1,000-1,033 per share.
In the meanwhile, check what analysts have said about MapmyIndia:
Santosh Meena, Head of Research at Swastika Investmart
Reacting to the listing, Santosh Meena, Head of Research at Swastika Investmart, was quoted by Financial Express, as saying, “Financially, the company is doing well and its business model is sustainable. Even though the IPO was purely OFS based, it attracted investors and got subscribed 154 times. The new edge technologies, such as SaaS, PaaS, and MaaS platform providers, are poised to have a bright future.”
He said who had applied for the IPO’s listing gain should put a stop loss of Rs 1480 while the long-term investors who got allotments should continue to hold the stock. He added that new investors can also look for buying in the dips.
Avinash Gorakshkar, Head of Research at Profitmart Securities
MapmyIndia is a debt-free company with strong fundamentals as it is the only profit making company in India competing against Google maps. So, the business model of the company looks profitable and it is a digital company, which has a strong future post-Covid 19 pandemic.
The profit booking taking place post strong listing is caused by the panic selling by HNIs as they have incurred loss in this public issue. But, for retail investors, it is a quality stock that one can keep in one's stock portfolio for long term,” he was quoted Mint as saying.
Manoj Dalmia, Founder & Director at Proficient Equities Limited
The global market sentiments are negative amid Fed's tapering of interest rates and Omicron spread. We advise allottees to book profits and accumulate on dips, reported Mint, citing Dalmia’s quote.
Abhay Doshi, Founder at UnlistedArena.com
“Amid sell-off in the broader market, the primary market too is running on parallel lines as the market has witnessed a couple of discount listings which has nose-dived the sentiments,” according to a report published in Mint, citing Doshi.
Map My India is a unique company with decent financial growth with further growth prospects that may not disappoint the investors on the listing. The listing may be rewarding and I expect CE Info System to list around Rs 1,550 to Rs 1,600 levels. Earlier it was counted as a doubler candidate but the correction has tainted the expectations, he added.
Aayush Agrawal, Sr. Analyst, Swastika Investmart Ltd
It was expected that MapmyIndia share listing can give more than 100 per cent return on a listing day. However, expectations have tapered down amid a sharp correction in the market where the grey market premium is indicating a listing gain of around 70-75 per cent, he was quoted by Mint as saying.
The company provides advanced digital maps, geospatial software and location-based IoT technologies and among others, it powers Apple maps.
