Anchor Investors at MapmyIndia

Goldman Sachs Group Inc. and Morgan Stanley are among the law firms eyeing MapmyIndia, an Indian computerized map supplier, for an initial public offering. The Indian mutual funds HDFC, State Bank of India, Aditya Birla Group, and ICICI Bank Ltd. are also claiming to be so-called IPO grapple speculators.

The firm will debut in the stock market this month

MapmyIndia, formally known as CE Data Framework Ltd., stated on Monday that it is raising funds for a project worth 10.4 billion rupees ($138 million) by offering options starting from Rs 1,000 to Rs 1,033.

According to one source, the company has set up less than Rs 4 billion to cope with speculators, while receiving 30 times more bids. Unlike many other significant Indian new businesses, such as Zomato Ltd. and Paytm, the company is profitable. In the six months to September, the cartographer earned Rs 1 billion from operations, up from Rs 1.52 billion for the entire previous fiscal year.

MapmyIndia’s products include AI-powered maps that it develops for clients including Avis Budget Group Inc. and Hyundai Motor Co., and the company’s data is utilized in Apple Inc.’s Maps apps and Amazon.com Inc.’s voice assistant Alexa.

According to the organization, grapple financial professionals will be able to produce authoritative offers from December 8, with the open transaction of offers taking place from December 9 to December 13. The tendering of proposals is set to begin on December 21.