Rakesh Verma and his wife Rashmi Verma launched their company to develop digital maps in India twenty-five years ago, and their company made its debut on the stock market, making the couple worth $ 586 million and allowing them to join the wealthy man’s club. The IPO of MapmyIndia, in which Rakesh and Rashmi own majority ownership, was launched at a premium of 53 percent per day on the Bombay Stock Exchange and the National Stock Exchange, with strong reaction from bidders. In the midst of India’s recent boom, MapmyIndia, originally known as CE Info Systems Limited, made its initial public offering earlier this month.
Rakesh and Rashmi Verma established MapmyIndia to join a field that was barely explored in India 25 years ago, with no Google maps or similar services. The Vermas pioneered a fresh approach, methodically mapping India’s roadways and landmarks for the convenience of their customers. On Wednesday that effort paid off, when MapmyIndia had a strong debut on Dalal Street, valuing Rakesh and Reshmi at roughly $ 586 million. On the BSE, MapmyIndia shares started at Rs 1,581, up 53% from the issue price of Rs 1,033. MapmyIndia’s stock was trading at Rs 1,565 on the NSE.
Rajsi Verma – Age, Height, Web Series and more
The advanced digital maps, geospatial software, and location-based IoT solutions provider’s first public offering, which ran from December 9 to 13, drew a robust reaction from bidders and was subscribed 155 times. MapmyIndia’s excellent share price was bolstered by debt-free finances and a solid response to its first public offering. The stock gave up part of its gains by the conclusion of the day, trading 35.7 percent higher at Rs 1,403.
According to a Bloomberg article, Apple Inc. and Amazon.com Inc. are among the companies that have purchased the company’s software. “When we first started, nobody understood the topographical data,” Rakesh told Bloomberg in a phone interview before going public. According to the paper, “now, 25 years later, mapping data is entering corporations, industries, government companies, and ministries.”
MapmyIndia works with the government-run Indian Space Research Organization and the Indian Meteorological Department to serve over 5,000 clients, including Mercedes-Benz, Maruti Suzuki, and Bharti Airtel. According to Reuters, the company’s consolidated earnings more than doubled from a year earlier to 594.3 million rupees for the year ending March 31.
