CE Info Systems' IPO subscribed 154.7 times

Mumbai: The ₹1,040-crore initial public offering of CE Info Systems, parent of MapmyIndia, was subscribed 154.7 times on Monday - the final day of bids.

The IPO got bids for 109 crore shares against the issue size of 70.44 lakh shares.

The qualified institutional buyers' segment was subscribed 196.4 times while retail investors bid for 15.2 times their allotted quota. The portion set aside for non-institutional investors was subscribed 424.7 times. The company had set a price band of ₹1,000 to ₹1,033 per share.


In the unofficial market grey market, shares of CE Info Systems were commanding a premium of ₹1,050 as of Monday evening. The grey market premium has steadily progressed higher from around ₹700 a week ago.

CE Info Systems is a data and technology products and platforms company. It is India's leading provider of geospatial software, advanced digital maps and location-based IoT technologies.

Most brokerages have given a subscribe rating to the IPO due to its profitable business model and growth opportunities. "Despite the impact of Covid on key customer market in FY21, the company was able to post revenue growth of around 3% and the margin profile is strong which would be supported with growing scale going ahead," said brokerage AngelOne in its pre-IPO note.