Digital mapping company MapMyIndia, which powers Apple maps has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO).
The IPO is entirely an offer for sale of up to 75,47,959 equity shares by existing shareholders and a promoter. Axis Capital, JM Financial, Kotak Mahindra Capital and DAM Capital Advisors are the lead managers to the issue.
MapMyIndia, also known as CE Info Systems, is backed by global wireless technologies company Qualcomm and Japanese digital mapping Zenrin. It is a leading provider of advanced digital maps, geospatial software and location-based Internet of Things (IoT) technologies.
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