MapmyIndia scales a record high, up 10%; stock surges 22% in last 2 days

Shares of C E Info Systems (MapmyIndia) hit a new high of Rs 1,774.80, on rallying 10 per cent on the BSE in Wednesday’s intra-day trade. The stock has surged 22 per cent in last two trading sessions after having made a strong debut last week.

With the past two-day rally, MapmyIndia now commands a whopping 72 per cent premium to its issue price of Rs 1,033 per share on the BSE. The company had made its stock market debut on December 21, 2021.

On listing day, the foreign portfolio investors had purchased 694,808 equity shares of MapmyIndia worth of Rs 97.18 crore. Goldman Sachs Funds - Goldman Sachs India Equity Portfolio bought 376,708 shares at price of Rs 1,392.99 per share, while Fidelity Investment Trust Fidelity Series Emerging Markets Fund acquired 318,100 shares at price of Rs 1,404.47 per share, the NSE bulk deal data showed.

MapmyIndia is India’s leading provider of advanced digital maps, geospatial software and location based IoT technologies. It is a leader in the B2B and B2B2C market, serving over 500 enterprise customers across 3 major categories - corporate, automotive and government. Some of the marquee names include PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, Avis, Safexpress, GST Network, etc.

Financially, the company is doing well and its business model is sustainable. In spite of the fact that 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, said Santosh Meena, Head of Research, Swastika Investmart, post listings of MapmyIndia.

“We like MapmyIndia given its leadership in digital mapping, strong entry barriers, robust profitable data and tech platform along with consistent financials. The issue is valued at 27x 1HFY22 annualized EV/Sales, which although expensive is similar to other Indian unicorns. We believe MapmyIndia is rightly placed to tap the high growth digital mapping market,” Motilal Financial Services had said.

At 10:16 am; the stock quoted 7 per cent higher at Rs 1,735.70 on the BSE. In comparison, the S&P BSE Sensex was up 0.04 per cent at 57,921. A combined 2.1 million equity shares had changed hands at the counter on the NSE and BSE.