MapmyIndia targets valuation of up to $817 million with IPO filing this week - source

FILE PHOTO: A man walks out of the Bombay Stock Exchange (BSE) building in Mumbai, India, February 28, 2020. REUTERS/Hemanshi Kamani

By Aditya Kalra and Sethuraman N R

BENGALURU (Reuters) - MapmyIndia, which powers Apple maps in India, will file draft papers for an initial public offering worth 10-12 billion rupees ($136-$163 million) this week, a source with direct knowledge of the matter said.

The digital map maker, which also powers the navigation system in MG Motor and BMW cars in India, is seeking a valuation of 50-60 billion rupees ($681-$817 million), according to the source, who did not want to be named as the IPO details were private.

MapmyIndia declined to comment.

The New Delhi-based company's IPO will, however, consist solely of an offer for sale, allowing early investors an exit, the source said. MapmyIndia's early investors include Qualcomm Inc, Walmart Inc-backed PhonePe and Japanese mapmaker Zenrin Co Ltd.

Earlier this year, India relaxed restrictions on mapping by allowing local firms to collect, generate, store and produce geo-spatial data including maps. The government expects the geo-spatial products and solutions market to be worth $13.6 billion by 2030.

The offering comes at a time Indian companies are rushing into capital markets, with equities at record highs as the economy recovers from the pandemic. Food-delivery firm Zomato Ltd saw strong gains in its market debut last month.

MapmyIndia, also known as CE Info Systems, will not get any new proceeds from the offering and retail investors will get 35% of the IPO size, the source said.

Bloomberg News first reported of the company's IPO plans over the weekend.

(Reporting by Aditya Kalra in New Delhi and Nallur Sethuraman in Bengaluru; Editing by Shounak Dasgupta)

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