Delhi-based C.E. Info Systems Ltd, that owns and operates Mapmyindia, has raised Rs 311.88 crore (approximately $41.6 million) from 34 anchor investors including Fidelity and Goldman Sachs.
The company has issued 30,19,183 equity shares at the upper end of the price band of Rs 1,000-1,033 apiece. Each share carries a face value of Rs 2 per share, a stock exchange disclosure filing revealed late Wednesday.
US-based investment firm Fidelity emerged as the largest subscriber to the anchor book. It subscribed to 15.4% of the anchor and invested Rs 48 crore through two of its affiliates. Other key investors were Nomura and Goldman Sachs that subscribed for over 5% of the anchor book.
The anchor investment is a part of the Rs 1,040 crore initial public offering (IPO), which is entirely an offer-for-sale (OFS) from existing backers and the promoter of the company.
The subscription offer for non-anchor investors will open today and will close on December 13.
The anchor book involved participation from nine domestic mutual funds – SBI, HDFC, ICICI, Aditya Birla, Nippon, Tata, Sundaram, IDFC, and Edelweiss, which have subscribed to a third of the anchor book through 17 schemes.
Other investors to the anchor book include HSBC, Morgan Stanley, Ashoka India, University of Notre Dam, Volrado Ventures Partners, Aberdeen, Theleme India, and Pinebridge Global.
Anchor investors, also known as cornerstone investors, are institutions that accept a one-month lock-in for a sizeable allocation of shares.
Axis Capital, JM Financial, Kotak Mahindra Capital, and DAM Capital are the lead managers to the issue.
Google Maps’ Indian rival, MapmyIndia, reported a flat growth of 2.5% in its operating revenues of Rs 152.46 crore during FY21. However, the company’s net profit more than doubled from Rs 31.6 crore in FY20 to Rs 78.8 crore in FY21, albeit on a lower base.