|IPO Note||C.E. Info Systems Ltd|
|Rs 1000-Rs 1033 per Equity share||Recommendation: Subscribe|
C.E. Info systems limited IPO (MapmyIndia IPO) Company Profile: –
C.E. Info Systems Limited (also known as MapmyIndia) provide various products, platforms, application programming interfaces (“APIs”), Software Development Kits (“SDK”) and solutions across a range of digital map data, software and IoT for the Indian market under the “MapmyIndia” brand, and for the international market under the “Mappls” brand. They offer digital maps as a service (“MaaS”), Platform as a service (“PaaS”) and Software as a service (“SaaS”). They are India’s leading provider of geospatial software, advanced digital maps, and location-based IoT technologies. Their digital maps cover 62.9 lakh kms of roads in India, representing 98.50% of India’s road network. Their digital map data provides information of 7,933 towns, 6,37,472 villages, 1.78 Crore places across many categories such as restaurants, malls, hotels, police stations, EV charging stations etc., and 1.45 Crore house or building addresses.
C.E. Info systems limited IPO (MapmyIndia IPO) Details –
|Objects of the issue||·To get the benefit of listed company and enhance company’s brand value.|
|Issue Size||Total issue Size -Rs. 1040 Cr.
Offer for Sale – Rs. 1040 Cr.
|Face value||Rs.2.00 Per Equity Share|
|Issue Price||Rs. 1000 – Rs. 1033|
|Bid Lot||14 shares|
|Listing at||BSE, NSE|
|Issue Opens:||9th Dec, 2021 – 13th Dec, 2021|
|QIB||50% of Net Issue Offer|
|Retail||35% of Net Issue Offer|
|NIB||15% of Net Issue Offer|
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C.E. Info systems limited IPO (MapmyIndia IPO) Financial Performance:
C.E. Info systems limited IPO (MapmyIndia IPO) Shareholding Pattern:
|Shareholding Pattern||Pre- Issue||Post Issue|
|Promoters & Promoter Group||61.71%||53.73%|
Source: RHP, EWL Research
C.E. Info systems limited IPO (MapmyIndia IPO) Strengths:
Market Leader in India to offer SaaS, PaaS and MaaS to its B2B and B2B2C enterprise customers;
Marquee customers across sectors with strong relationships and capability to up-sell and cross-sell such as HDFC Bank, Airtel, Hyundai, MG Motor, PhonePe, Flipkart, Goods and Service Tax Network (“GSTN”), Mahindra, TVS, Maruti Suzuki, Apple ( India) etc.
Company consistently showing strong financial numbers and have profitable business model.
Backed by Marquee Investors such as PhonePe, Qualcomm, and Zenrin. However, Qualcomm and Zenrin are selling 60% and 58% of their total stake respectively.
C.E. Info systems limited IPO (MapmyIndia IPO) Key Highlights:
Revenue has increased with a CAGR of 8.50% from FY19 to FY21.
Profit of the company has increased with a CAGR of 33.05% from FY19 to FY21. EBITDA margin has improved drastically from 18.9% to 33.7% in last three year due to better cost management.
In FY21 company has cash flow from operation of ₹ 83.28 crore and free cash flow of ₹ 80.92.
Cash Flow from Operation to EBITDA stands at 0.40 as on 30th Sept, 2021 vs. 1.57 as on 31st March, 2021.
In FY 21, Company has Return on Net Worth of 16.60% vs. 7.79% in FY 20.
C.E. Info systems limited IPO (MapmyIndia IPO) Risk Factors:
A failure or disruption in digital map database or system failures may result adverse impact on business and its operations.
Since this is an Offer for Sale so the fund raised cannot be utilized for the growth of the company.
C.E. Info systems limited IPO (MapmyIndia IPO) Outlook:
Mapmyindia is market leader in B2B and B2B2C segment in India with a comprehensive suite of SaaS, PaaS and MaaS offerings. With the adoption of company’s solution and product by new age companies and start-up companies across consumer tech, last-mile delivery, shared mobility and e-commerce is helping them to scale rapidly. The total Indian addressable market of digital maps and location-based intelligence services is expected to grow to USD 7.74 billion (Rs 47,490 Crore) in 2025 at around 15.5% CAGR from 2019 to 2025. At higher band price, Company is available at a P/E of 91x on FY21 which is quite high. Considering the asset light business model, robust financials and strong clientele, we recommend subscribe to the IPO with long term view.
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Need An Assistance:
C.E. Info systems limited IPO (MapmyIndia IPO) FAQ
Ans. C.E. Info systems limited IPO (MapmyIndia IPO) will comprise fresh share issue and new offer share issue. The company aims to go public to accelerate its growth and expansion plan.
Ans. The company will open for subscription on 09 December 2021.
Ans. The minimum lot size that investors can subscribe to is 14 shares.
Ans. The C.E. Info systems limited IPO (MapmyIndia IPO) listing date is 21 December 2021.
Ans. The minimum lot size for this upcoming IPO is 14 shares.
Ans. Link Intime India Pvt Ltd will be the registrar for this upcoming IPO.