In a culture known for its hospitality and love of force-feeding guests, Indian sweets are the must-have South Asian food item during festivals, celebrations and family gatherings. Fellow Punjabi, Pakistani and Bengali aunties lined up in their vibrant salwar kameez and embroidered silk sarees, questioned freshness, haggled over price, and tsk tsk -ed when less than ideal pieces were selected, forcing the hand of the shopkeeper to make a swap. As a kid, I’d watch my mom transform from her sweet, passive self into a scrupulous critic of Indian sweets. Nibbling on the last bit of my fudge-like confection covered in sliced almonds-a customary and courteous sample-I’m feeling satisfied and ready for family tea time. Just as French dessert and Italian dolce house a myriad of tidbits laden with sucrose and fat, so too does the wonderous world of mithai. Mithai comes from mithas, meaning “sweet.” The root of “sugar” is from the Sanskrit word sharkara, and even “candy” (originally khanda ) is derived from this ancient dialect. So it comes as no surprise their craving for sweets-called mithai -has spawned a kaleidoscope of delectable treats in all shapes and textures, temperatures and viscosities. The love affair Indians have with sugar is rooted in a 2,500-year-old history of its production. Through refrigerated glass cases, aluminum trays lay in formation, brimming with an assortment of geometric delights: burnt umber spheres of gulab jamun and pearly rasgullas, squares of creamy yet crumbly kalakand, slim diamond cuts of kaju katli, just to a name a few. The aroma smothers me like an embrace from a big bosomed aunty. Inside the Indian grocery store, I’m enveloped in a vapor of spices blooming in hot oil, mingled with perfumes of rose and sandalwood from stacks of incense. I sound like Mom, I think, my chest swelling with pride. With hawkeye precision, I watch the individual sweets pile into separate boxes. The company is one of its kind that builds digital map data, telematics services, location-based software-as-a-service (SaaS) and geographic information system (GIS) services.“Half-pound of badam barfi, a dozen jalebis, and one-pound of milk cake, please,” I rattle off in Punjabi to the turbaned gentleman behind the counter, whom I refer to as “uncle ji” even though we’ve only just met. It was subscribed 154.71 times on the last day of the bidding. The IPO, which was open between December 9 and December 13, received strong response from investors. The grey market had indicated a strong listing too as unlisted shares of MapMyIndia were commanding a marginal premium of ₹700 per share. Post listing, the market capitalisation of the company stood at ₹8,417.71 crore, according to BSE data.
“It was expected that this can give more than 100% return on a listing day however expectations have tapered down amid sharp correction in the market where the grey market premium is indicating a listing gain of around 70-75%,” said Aayush Agrawal, senior analyst at Swastika Investmart. However, some expectations have been tapered down due to poor market sentiment. Investors have been expecting huge listing gains due to high grey market premium, positive recommendation by analysts as MapmyIndia is a pioneer in digital maps. The stock listed at ₹1,581, which is 53% more than the issue price band of ₹1,000-1,033 apiece.
The market capitalisation of the company stood at ₹8,417.71 crore.ĬE Info Systems - the parent company of MapmyIndia and the most awaited listing made a strong debut on the National Stock Exchange (NSE) and BSE despite weak market trends.The IPO was a hit among investors as it has been subscribed just 154.71 times on the last day of the bidding.
Shares of MapmyIndia listed at ₹1,581 while the price band was fixed at ₹1,000-1,033 per share.