MapmyIndia Targets Valuation Of Up To Rs 6,000 Crore In IPO: Report

The New Delhi-based company's IPO will, however, consist solely of an offer for sale, allowing early investors an exit.

MapmyIndia, which powers Apple maps in India, will file draft papers for an initial public offering worth Rs 1,000-1,200 crore this week, a source with direct knowledge of the matter said. The digital map maker, which also powers the navigation system in MG Motor and BMW cars, is seeking a valuation of Rs 5,000-6,000 crore, according to the source, who did not want to be named as the IPO details were private. MapmyIndia declined to comment. The New Delhi-based company's IPO will, however, consist solely of an offer for sale, allowing early investors an exit, the source said. MapmyIndia's early investors include Qualcomm Inc, Walmart Inc-backed PhonePe and Japanese mapmaker Zenrin Co Ltd.