BENGALURU (Reuters) - MapmyIndia, which powers Apple maps in India, has filed draft papers with the domestic market regulator for an initial public offering, with existing investors including Qualcomm and Zenrin Co offering up to 7.5 million shares.
The company did not reveal the value of the IPO, but a source told Reuters on Monday that the offering could be worth 10-12 billion rupees ($137.13-$164.56 million).
The New Delhi-based MapmyIndia, also known as CE Info Systems, also powers the navigation system in MG Motor and BMW cars in India.
On Monday, Reuters reported the company was seeking a valuation of 50-60 billion rupees ($681-$817 million), according to a source with direct knowledge of the matter.
MapmyIndia's early investors include Qualcomm , Walmart Inc-backed PhonePe and Japanese mapmaker Zenrin.
Earlier this year, India 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 when Indian companies are rushing into capital markets, with equities at record highs as the economy recovers from the COVID-19 pandemic. Food-delivery firm Zomato Ltd saw strong gains in its market debut last month.
MapmyIndia's consolidated profit more than doubled to 594.3 million rupees for the year ended March 31, from a year ago, the draft prospectus showed.
Revenue from operations increased to 1.52 billion rupees for the year ended March 31, from 1.49 billion rupees for the year-ended March 2020.
Axis Capital, JM Financial and Kotak Mahindra Capital are among the book running managers for the IPO.
(Reporting by Vishwadha Chander, Nallur Sethuraman in Bengaluru and Aditya Kalra in New Delhi; Editing by Shailesh Kuber)