Shares of CE Info Systems-backed MapmyIndia witnessed a strong debut on the exchanges on Tuesday, listing with a premium of 52 per cent over its issue price.
Founded in 1995, the Delhi-based MapmyIndia is an Indian technology company that builds digital maps, geospatial software, and location-based IoT technologies. Shares of the company are listed at Rs 1,565, against the issue price of Rs 1,033 per share.
During the day, the shares of the company pared some of its intra-day gains and settled at Rs 1,375, up over 33 per cent from its issue price, NSE data showed.
Also Read — MapmyIndia set to rise 51.5% in market debut
The stellar listing of the company comes amid volatility in broader market fundamentals in Indian equities because of looming Omicron threats.
"Financially, the company is doing well and its business model is sustainable. In spite of the fact that the IPO was purely 'OFS' based, it attracted investors and got subscribed 154 times. The new edge technologies, such as 'SaaS', 'PaaS', and 'MaaS' platform providers, are poised to have a bright future," said Santosh Meena, Head of Research at Swastika Investmart.
"Investors who applied for the IPO's listing gain should put a stop loss of Rs 1,480 and long-term investors who got allotments should continue to hold the stock. New investors can also look for buying in the dips," Meena said.
The company's market capitalisation is currently worth Rs 4,320 crore, NSE data showed.
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