MapmyIndia files draft papers for IPO

BENGALURU : MapmyIndia, which powers Apple maps in India, has filed draft papers with the domestic market regulator for an initial public offering, with existing investors including Qualcomm and Zenrin Co offering up to 7.5 million shares.

The company did not reveal the value of the IPO, but a source told Reuters on Monday that the offering could be worth 10-12 billion rupees ($137.13-$164.56 million).

The New Delhi-based MapmyIndia, also known as CE Info Systems, also powers the navigation system in MG Motor and BMW cars in India.