Shares of CE Info Systems Ltd, the parent of digital mapping company MapmyIndia, on Tuesday listed with a premium of 53 per cent against its issue price of Rs 1,033.
The company's shares opened at Rs 1,581 on BSE against the issue price. After opening at a premium, the stock prices saw correction in early trade.
"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", Santosh Meena, Head of Research, Swastika Investmart Ltd said.
The initial public offer of CE Info Systems Ltd garnered strong investor response and was subscribed a whopping 154.71 times on the last day of subscription last week.
The initial public offer (IPO) of up to 1,00,63,945 equity shares had a price range of Rs 1,000-1,033 per share.
The company provides advanced digital maps, geospatial software and location-based IoT technologies and among others, it powers Apple maps.
(With agency inputs)
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