Mumbai: C E Info Systems (MapmyIndia) has made a strong market debut, with its shares listed at Rs 1,581, a whopping 53 percent above its issue price of Rs 1,033 per share on the BSE. On the National Stock Exchange (NSE), the stock listed at Rs 1,565, a 52 percent higher against its issue price.

At 10:01 am; the stock traded at Rs 1,465.05, up 42 percent over the issue price. It hit a high of Rs 1,586.85 and a low of Rs 1,455 on the BSE so far. On the NSE, it touched a high of Rs 1,590 and a low of Rs 1,465.65 in intra-day trade. A combined 2.4 million shares were changed hands on the NSE and BSE. In comparison, the S&P BSE Sensex was up 1.29 percent at 56,541 points.

The initial public offer (IPO) of MapmyIndia had received a robust response with the issue was subscribed 154.71 times. The non-institutional investor’s category was subscribed 424.69 times. The qualified institutional buyer’s category was subscribed 196.36 times. The retail investor's category was subscribed 15.20 times, data shows.

MapmyIndia is India’s leading provider of advanced digital maps, geospatial software, and location-based IoT technologies. It is a leader in the B2B and B2B2C market, serving over 500 enterprise customers across 3 major categories - corporate, automotive, and government. Some of the marquee names include PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, Avis, Safexpress, GST Network, etc.

The company is one of a kind company in SaaS, PaaS, and MaaS businesses which has tremendous potential to perform well in the future because it has a moat in B2B business despite the presence of big-name Google map and some recent developments like the change in regulations and new tie-ups with government organizations may boost the sentiments further, according to Aayush Agrawal, Senior Analyst, Swastika Investmart.

We like MapMyIndia given its leadership in digital mapping, strong entry barriers, robust profitable data, and tech platform along consistent financials. The issue is valued at 27x 1HFY22 annualized EV/Sales, which although expensive is similar to other Indian unicorns. We believe MapmyIndia is rightly placed to tap the high-growth digital mapping market, the brokerage firm Motilal Oswal Financial Services said in an IPO note.