GOLDMAN SACHS, MORGAN STANLEY BID TO INVEST IN MAPMYINDIA’S IPO

NEW DELHI: Goldman Sachs Group Inc. and Morgan Stanley are among institutional investors bidding to participate in the initial public offering of Indian digital-map provider MapmyIndia, according to people familiar with the matter.

Mutual funds of India’s HDFC, State Bank of India, Aditya Birla Group and ICICI Bank Ltd. are also bidding to become so-called anchor investors in the IPO, said the people, asking not to be named because the information isn’t public. MapmyIndia, officially C.E. Info Systems Ltd., said Monday it’s raising as much as ₹104 crore ($138 million) by selling shares at ₹1,000 to ₹1,033 a piece.

The company set aside less than ₹400 crore of stock for anchor investors and has received bids for more than 30 times that, according to one of the people. The IPO is set to value the mapmaker at about ₹5,500, said one of the people. MapmyIndia said anchor investors can officially bid on December 8, and the public share sale will run from December 9 to December 13. The stock is scheduled to begin trading on December 21.

A representative for MapmyIndia declined to comment on the anchor investors. Representatives for Goldman Sachs as well as asset managers of HDFC, SBI and Aditya Birla didn’t respond to requests for comment. Morgan Stanley and ICICI declined to comment.

MapmyIndia’s data powers Apple Inc.’s Maps and Amazon.com Inc.’s Alexa voice assistant, and customers also include Mercedes-Benz, McDonald’s Corp. and e-commerce company Flipkart. Based in the Delhi suburb of Okhla, MapmyIndia is backed by Qualcomm Inc. and Walmart Inc.-owned payments company PhonePe.

A rally in India’s stock market has led to a throng of internet startups racing to list in the public markets. While most debuts have been successful, the lackluster performance of Paytm, proved an exception.