BENGALURU, Aug 30 - MapmyIndia, which powers the Apple maps in India, will file draft papers for an initial public offering worth 10 - 12 billion rupees this week, a source with direct knowledge of the matter said.
The digital map maker, which also powers the navigation system in MG Motor and BMW cars in India, is seeking a valuation of 50-60 billion rupees according to the source, who did not want to be named as the IPO details were private.
However, the India-based company's IPO would consist solely of an offer for sale, giving early investors an exit, according to the source. MapmyIndia's early investors include Qualcomm Inc, Walmart Inc-backed PhonePe and Japanese map maker Zenrin Co Ltd.
Earlier in the year, India relaxed restrictions on mapping by allowing local firms to collect, generate, store and produce geo-spatial data including maps. The government expects the geo-spatial products and solutions market to be worth $13.6 billion by 2030.
The offering comes at a time where Indian corporations are rushing into capital markets, with shares at record highs as the economy recovers from the pandemic. Food-delivery firm Zomato Ltd saw strong gains in its market debut last month.
MapmyIndia, also known as CE Info Systems will not get any new proceeds from the offering and retail investors will get 35% of the IPO size, the source said.
Bloomberg News first reported on the company's IPO plans over the weekend.