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26 Aug, 2025 12:21

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Ajcon Global IPO report on C. E. Info Systems

C. E. Info Systems Limited (“MapmyIndia”) was incorporated on February 17, 1995. The company is a data and technology products and platforms company, offering proprietary digital maps as a service (“MaaS”), software as a service (“SaaS”) and platform as a service (“PaaS”). They are India’s leading provider of advanced digital maps, geospatial software and location‐based IoT technologies. MapmyIndia provides products, platforms, application programming interfaces (“APIs”) and solutions across a range of digital map data, software and IoT for the Indian market under the ‘MapmyIndia’ brand, and for the international market under the ‘Mappls’ brand. The company primarily service enterprise customers across 3 major categories, i.e. (i) corporate, (ii) automotive, and (iii) government and their customers in turn serve the larger community of end users. In addition, they also offer professional grade maps and products directly to retail customers, through their ‘Move’ app and GPS IoT enabled gadgets and devices. MapmyIndia derives majority of their revenue from B2B and B2B2C enterprise customers. Their business model is to charge their customer fees per period based on per vehicle, per asset, per transaction, peruse case or per user basis, as applicable. These take the form of subscription fees, royalties or annuities for licenses and usage rights to their proprietary digital MaaS, PaaS and SaaS offerings.

Valuation and Outlook

We recommend investors to "SUBSCRIBE" to the issue. At the upper end of the price band of ₹1,033, the Company's IPO is valued at P/E of 60x at H1FY22 annualised EPS and P/E of 94x on FY21 EPS which is at a premium owing to the following factors.

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