Just Dial IPO subscribed 10 times; QIB, HNI support
In a strong investor response, the initial public offer of local search engine Just Dial, the largest offer by an Indian Internet company, was subscribed 11.63 times on the last of issue today.
Just Dial's pubilc issue has been subscribed 10 times Wednesday, with the support majorly from qualified institutional buyers (QIBs) and high networth individuals (HNIs).
The reserved portion of QIBs subscribed 9.6 times while high networth individuals and retail investors' portion subscribed 20.5 times and 3 times, respectively.
Mumbai-based company, which provides search services over phone and web, will raise anywhere between Rs 822-950 crore depending on the final issue price. The price band for the issue is at Rs 470-543 a share.
The company already raised over Rs 208 crore through issue of 39.37 lakh equity shares to anchor investors including Goldman Sachs India Fund, HSBC Bank (Mauritius) Ltd, Birla Sunlife Trustee Company Pvt Ltd, DSP Blackrock Opportunities Fund and Deutsche Securities Mauritius Ltd.
Retail investors will get a discount of 10 percent on the issue price.
Citi and Morgan Stanley are the book running lead managers to the issue.