IPO Report - CE Info Systems Ltd By Swasika Investmart
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* Mapmyltndia is a leading provider of advanced digital maps, geospatial software, and location-based loT technologies in India.
* It is a data and technology products and platforms company, offering proprietary digital maps as a service (MaaS), software as a service (SaaS), and platform as a service (PaaS).
* Strengths: 1) Leading the B2B and B2B2C market in India 2) Prestigious customers across sectors with strong relationships 3) Consistent profitable financial track record.
* Risk:1) IPO is purely OFS based 2) Depends on a limited number of customers for a significant portion of its revenues.
* Objects of the Issue: 1) To carry out the offer for the sale of 10,063,945 equity shares.
* The entire proceeds of the IPO is an Offer for Sale amounting to %1,039.61 Cr. The issue will open on Dec 09, 2021, and close on Dec 13, 2021. The issue is priced at %1,000 to %1,033 per equity share. The minimum order quantity is 14 shares.
* The company has shown stable growth in revenue where it grew from Rs 163.35 cr to Rs 192.27 cr over the period of FY19 to FY21, over the same period profit has grown from Rs 33.56 cr in FY19 to Rs 59.43 cr in FY21 with a minor dip in FY20.
* Mapmyltndia is the leader in digital mapping in India and has an early mover advantage. We believe that new edge technology including SaaS, PaaS, and MaaS platform providers has a sparkling future for the next few years. The company serves various industries and sectors which is also a positive. The company saw stable revenue growth in the last few years where the margins have improved too also there are no listed peers currently. The IPO is arriving at a PE of 93x and P/BV of 15x on FY21 earnings, being the first mover the company is extracting higher valuation. Thus we recommend a "SUBSCRIBE" rating to the IPO for listing gain and long term.
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