MapmyIndia targets valuation of up to $817 million with IPO filing this week - source

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By Aditya Kalra and Sethuraman N R
BENGALURU (Reuters) - MapmyIndia, which powers Apple maps in India, will file draft papers for an initial public offering worth 10-12 billion rupees ($136-$163 million) 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 in India, is seeking a valuation of 50-60 billion rupees ($681-$817 million), 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.
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