New Delhi, Dec 21 : Shares of CE Info Systems-backed MapmyIndia witnessed a strong debut on the exchanges on Tuesday, listing with a premium of 52 per cent over its issue price.
Founded in 1995, the Delhi-based MapmyIndia is an Indian technology company that builds digital maps, geospatial software, and location-based IoT technologies.
Shares of the company listed at Rs 1,565, against the issue price of Rs 1,033 per share.
During the day, the shares of the company pared some of its intra-day gains and settled at Rs 1,375, up over 33 per cent from its issue price, NSE data showed.
The stellar listing of the company comes amid volatility in broader market fundamentals in Indian equities because of looming Omicron threats.
“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 at Swastika Investmart.”Investors who applied for the IPO’s listing gain should put a stop loss of Rs 1,480 and long-term investors who got allotments should continue to hold the stock.New investors can also look for buying in the dips.”The company’s market capitalisation is currently worth Rs 4,320 crore, NSE data showed.ad/vd
MapmyIndia makes strong debut on an exchange, and lists 52% more than the issue price
The company’s financial performance is good and the business model it has is viable.Despite the fact the IPO was purely OFS-based, investors were attracted and it received 154 subscriptions.”The new technologies such as SaaS”, PaaS, and ’MaaS’ platform providers are set for a bright future,” stated Santosh Meena Head of Research, Swastika Investmart.Investors applying for the IPO listing gain need to put a stop-loss of Rs 1,480.Long-term investors who received allotments must continue holding the stock.
You can also consider buying dips for new investors.
According to NSE data, the company’s current market capitalisation stands at Rs 4,320 crore.
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