MapmyIndia, which powers Apple maps in India, will file draft papers for an initial public offering worth Rs 1,000-1,200 crore 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, is seeking a valuation of Rs 5,000-6,000 crore, 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, government 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 per cent of the IPO size, the source said.
Bloomberg News first reported of the company’s IPO plans over the weekend.