Local search engine Just Dial’s Rs 950-cr IPO opens tomorrow

Business Standard 19 May 2013
The estimated Rs 950-crore IPO of local search engine Just Dial will begin tomorrow and is one of the largest initial public offers by an Indian Internet company.
The IPO, which does not have issue of fresh shares, would see promoters offloading 17.49 million shares. This would make up for 25.2% of the company’s paid up equity capital.
The issue price range is Rs 470 – 543 and the discount to retail investors is Rs 47 (10% to the floor price).
“This is for the first time that any company is offering such a huge discount of 10% at the lower price band,” KRIS Director Arun Kejriwal said.
The Just Dial IPO, if successful, will be the biggest IPO in calendar year 2013. Last year, Bharti Infratel raised Rs 4,118 crore in 2012’s biggest IPO.
Founded by V S S Mani, the company, which started offering local search services in 1996 under the Justdial brand, has already raised Rs 208 crore by issuing shares to anchor investors including Goldman Sachs and HSBC.
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