MapmyIndia, which powers Apple Inc's maps in the country, surged 54% in its market debut on Tuesday following a bumper initial public offering subscription last week
The stock has opened at Rs 1,581, up 53% compared to its issue price.
MapmyIndia app provides road safety alerts to users about upcoming accident hazards while driving
The company had priced its IPO between Rs 1,000-1,033 each
The company is backed by global wireless technologies company Qualcomm and Japanese digital mapping firm Zenrin
The qualified institutional buyers' portion was subscribed 4.32 times.
The initial share sale of CE Info Systems Ltd, the parent of digital mapping company MapmyIndia, elicited 6.16 times subscription and all categories were oversubscribed on the second day
The broader markets outperformed, the BSE Midcap and Smallcap indices were up 0.3 per cent and 0.8 per cent, respectively
The price band for the issue is Rs 1,000-1,033 per share
MapmyIndia IPO subscribed 2x on opening day
MapmyIndia IPO sails through on day 1; RateGain ends up with 16 times subscription
The broader markets logged smart gains for the third straight trading session; Advancing shares outnumbered declining stocks in nearly 2:1 ratio on the BSE