INSTITUTIONS LINE UP FOR MAPMYINDIA

Goldman Sachs Group and Morgan Stanley are among institutional investors bidding in the initial public offering of digital-map provider MapmyIndia, according to people familiar with the matter. Mutual funds of HDFC, State Bank of India, Aditya Birla Group and ICICI Bank are also bidding to become anchor investors in the IPO, said the people.

MapmyIndia, officially C.E. Info Systems Ltd, said on Monday it's raising as much as Rs 1,040 crore by selling shares at Rs 1,000 to Rs 1,033 apiece.

The company set aside less than Rs 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 Rs 5,500 crore. Anchor investors can officially bid on December 8.

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.