Goldman Sachs and Morgan Stanley bid to buy into MapmyIndia IPO

Bloomberg News reports that Goldman Sachs and Morgan Stanley are among institutional investors bidding to participate in the initial public offering of Indian digital-map provider MapmyIndia.

Mutual funds of India’s HDFC, State Bank of India, Aditya Birla Group and ICICI Bank Ltd. are also bidding to become so-called anchor investors in the IPO, the report said.

MapmyIndia, officially C.E. Info Systems Ltd., has said it’s raising as much as 10.4 billion rupees ($138 million) by selling shares at 1,000 rupees to 1,033 rupees apiece.

The company set aside less than 4 billion rupees of stock for anchor investors and has received bids for more than 30 times that, according to the report.

The IPO is set to value the mapmaker at about 55 billion rupees.

MapmyIndia’s data powers Apple Inc.’s Maps and Inc.’s Alexa voice assistant, and customers also include Mercedes-Benz, McDonald’s Corp. and e-commerce company Flipkart.