C.E. Info Systems (MapmyIndia) IPO - Subscription Day 3

5paisa Research Team 5paisa Research Team 11th December 2022 - 03:02 am

The Rs.1,039.61 crore IPO of C.E. Info Systems (MapmyIndia), consisting entirely of an offer for sale (OFS) of Rs.1,039.61 crore, saw strong response on Day-1 and Day-2 of the IPO. As per the combined bid details put out by the BSE at the close of Day-3, C.E. Info Systems (MapmyIndia) IPO was subscribed 154.71X overall, with strong demand coming from the HNI segment followed by the QIB segment and decent contribution from retail too. The issue has closed for subscription on Monday, 13th December.

As of close of 13th December, out of the 70.45 lakh shares on offer in the IPO, C.E. Info Systems (MapmyIndia) saw bids for 10,898.95 lakh shares. This implies an overall subscription of 154.71X. The granular break-up of subscriptions was dominated by the HNI investors followed by the QIB investors.

Even retail response was healthy on the third day of the IPO. Normally, it is only on the last day of bidding, the NII bids and the QIB bids build up substantial momentum, and that is what we got to see on 13-December.

C.E. Info Systems (MapmyIndia) IPO Subscription Day 3

Category	Subscription Status
Qualified Institutional Buyers (QIB)	196.36 Times
Non Institutional Investors (NII)	424.69 Times
Retail Individuals	15.20 Times
Employees	N.A.
Overall	154.71 times

QIB Portion

Let us first talk about the pre-IPO anchor placement. On 08th December, C.E. Info Systems (MapmyIndia) did an anchor placement of 30,19,183 shares at the upper end of the price band of Rs.1,033 to 34 anchor investors raising Rs.311.88 crore, representing 30% of the total issue size.

The list of QIB anchors included a number of marquee international names like Fidelity, Nomura, Goldman Sachs, Morgan Stanley, Ashoka Fund, University of Notre Dame, Volrado Investments etc. Domestic investors in the anchor placement included Sundaram MF, Nippon India MF, HDFC MF, Aditya Birla Sun Life MF, SBI MF, ICICI Pru MF and Tata MF.

The QIB portion (net of anchor allocation as explained above) has a quota of 20.13 lakh shares of which it has got bids for 3,952.30 lakh shares at the close of Day-3, implying 196.36X subscription for QIBs at the close of Day-3. Bulk of the QIB bids, typically, got bunched on the last day but the solid institutional response in the anchor placement had already indicated strong institutional appetite for the IPO.

HNI / NII Portion

The HNI portion got subscribed 424.69X (getting applications for 6,411.16 lakh shares against the quota of 15.10 lakh shares). This is a very good response for HNIs at the close of Day-3 with this segment seeing the maximum response bunched on the last day. Bulk of the funded applications and corporate applications, came in on the last day of the IPO only.

Retail Individuals

The retail portion was subscribed a healthier 15.20X at the close of Day-3, showing strong retail appetite; as has been the general trend with smaller sized IPOs. It must be noted that retail allocation is 35% in this IPO. For retail investors; out of the 35.22 lakh shares on offer, valid bids were received for 535.50 lakh shares, which included bids for 422.00 lakh shares at the cut-off price.

The IPO is priced in the band of (Rs.1,000-Rs.1,033) and has closed for subscription on Monday, 13th December 2021.

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