MapmyIndia shares made a strong start in the secondary market on Dalal Street on Tuesday. The stock of CE Info Systems - which owns the MapmyIndia platform - listed on BSE at Rs 1,581, a premium of 53 percent over its issue price of Rs 1,033.
On NSE, MapmyIndia shares began their journey at Rs 1,565, a premium of 51.5 percent. MapmyIndia is a provider of digital maps, geospatial software and location-based IoT technologies.
The strong listing of CE Info Systems (MapmyIndia) shares was in line with the trend seen in the grey market. According to dealers, MapmyIndia commanded a GMP or grey market premium of Rs 700 prior to the listing on BSE and NSE.
MapmyIndia's market debut comes at a time when most IPOs have received a robust response from investors, though the recent sell-off in the market has dented the appeal of debutants.
MapmyIndia's IPO was open for subscription from December 9 to December 13. The IPO saw an overall subscription of 154.7 times the shares on offer.
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The portions reserved for qualified institutional buyers (QIBs) and non-institutional investors were booked 196.4 times and 424.7 times respectively. The quota reserved for retail investors saw a subscription of 15.2 times.
MapmyIndia shares were available for bidding in a price range of Rs 1,000-1,033 in multiples of 14 under the IPO. MapmyIndia raised Rs 312 crore from 24 anchor investors ahead of the initial share sale.