C.E. Info systems limited IPO (MapmyIndia IPO) Detail


Issue Open

Dec 09, 2021

Price Band

₹. 1000 to ₹. 1033 per equity share

Issue Size

₹. 1,039.61 Cr

Credit of Shares to Demat


Issue Close

Dec 13, 2021

Bid Lot


Listing Exchange


Cut off time for UPI Mandate Confirmation


Issue Type

Book Built Issue IPO

Minimum Order Quantity


Allotment Details


Face Value

Rs. 2 per equity share

Listing On

Nov 30, -0001



About the company:

Issue Details

Dates: 09 December, 2021 to 13 December, 2021

Price Band: Rs. 1,000 to Rs. 1,033 per share

Minimum Lot: 14 shares

Minimum Application Amount: Rs. 14,000 to Rs. 14,462

Total Issue Size: Up to Rs. 1,039.61 crores

Objects of the offer

The IPO is entirely an offer for sale. The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges, enhance the company’s brand name and provide liquidity to the existing Shareholders.

Corporate Profile & Business overview

C.E. Info Systems Limited (MapMyIndia) is a company that provides proprietary digital maps as a service ("MaaS"), software as a service ("SaaS"), and platform as a service ("PaaS"). According to the F&S Report, they are India's largest provider of advanced digital maps, geospatial software, and location-based IoT technologies. MapmyIndia offers products, platforms, application programming interfaces ("APIs"), and solutions in the Indian market under the 'MapmyIndia' brand, and in the worldwide market under the 'Mappls' name.

Currently, their digital map data provides location, navigation, analytics and other information for 7,933 towns, 6,37,472 villages, 17.79 million places across many categories such as restaurants, retail shops, malls, ATMs, hotels, police stations, electric vehicle charging stations etc., and 14.51 million house or building addresses. Their AI-powered, 4-dimensional (“4D”), high-definition (“HD”), information-rich (“IR”), multi-lingual, hyperlocal digital map twin digitally and geospatially represents the dynamically changing real world in near real time. Their ‘RealView’ maps provide actual roadside and on-ground views based on over 400 million geo-referenced photos, videos and 360-degree panoramas across India

The company primarily serves enterprise clients in three primary categories which are corporate,automotive, and government, and their customers serve the greater community of end users. Furthermore, with their 'Move' app and GPS IoT connected gadgets and devices, they deliver professional grade maps and products directly to retail customers.

The company’s customers include major and well-known global technological behemoths, new-age consumer internet technology startups, leading automotive manufacturers, large enterprises in industries such as BFSI, telecom, FMCG, industrials, logistics and transportation, and key government organisations including PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis, Safexpress, and the Goods and Service Tax Network ("GSTN"). Further, as of September 30, 2021, they have serviced over 2,000 enterprise customers since their inception. During FY21 and the six-month period ended September 30, 2021, they had over 500 customers on their SaaS, PaaS and MaaS platforms.

The majority of MapmyIndia's revenue is generated from B2B and B2B2C enterprise clients. Their business plan is to charge their customers fees on a per-period basis, based on the vehicle, asset, transaction, use case, or user, as appropriate. Subscription fees, royalties, or annuities are received in exchange for licencing and usage rights to their proprietary digital MaaS, PaaS, and SaaS offerings.



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The company’s revenue has grown at a CAGR of 6.17% from FY19-21. The revenue mix for H1FY22 is comprised of Automotive segment (39%), Corporate Segment (54%), Government (5%) and Retail segment (2%).

There is high operating leverage in the company’s business due to a low variable cost base. As a result, its contribution margin expanded from 76% in FY19 to 82% in FY20 and to 83% in FY 2021. This margin was maintained at 85% in the six-month period ended September 30, 2021. The company’s EBITDA margins for Financial Years 2019, 2020 and 2021 were 29%, 25% and 35%, respectively, with EBITDA growing at a CAGR of 16%.

 PAT in Financial Years 2019, 2020 and 2021 were Rs. 33.56 crores, Rs. 23.19 crores and Rs. 59.43 crores,respectively, growing at a CAGR of 33% during this period, with PAT margins of 21%, 14%, and 31% respectively.

Key Strengths

· B2B and B2B2C market leader in India with a comprehensive suite of SaaS, PaaS and MaaS offerings capitalizing on early mover advantage

· Independent, global geospatial products and platforms company, with strong data governance

· Market position built around proprietary technology and network effect resulting in strong entry barriers

· Marquee customers across sectors with strong relationships and capability to up-sell and cross-sell

Key Risks

· A part of our business is dependent on the performance of the automotive sector which is cyclical in nature

· The liberalization of the digital mapping industry which can lead to permitting certain activities even to foreign enterprises, may increase company’s competition. the inability to compete effectively can result in the loss of customers and market share.

· Failure to develop competitivenew or improved products and services or process improvements or updated map data could adversely affect company’s business


The company has posted a stellar performance from FY21 and has continued the same trend in H1FY22 with robust growth in EBITDA and PAT margins. Based on the current valuations, the company’s P/E stands at 91.4x and P/S stands at 36.07x which shows that the IPO is priced steeply and the company looks to encash on the tag of being the first mover. However, the total Indian addressable market for digital maps and location-based intelligence services is expected to grow to at a CAGR of around 15.5% from 2019 to 2025 and the Government of India is also expected to encourage domestic players of digital maps and associated solutions through its policies. Further, the rising variety of use cases for company’s solutions and the increased acceptance of their services in the automotive, mobility, transportation and logistics sectors, is fuelling its growth. Considering the above factors, albeit the increasing competition, the long term outlook for the company seems quite promising given its position in the industry and its impressive operational growth. Hence, we advise investors to ‘SUBSCRIBE’ to this IPO.


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