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May 22, 2013, 10.24 AM IST | Source: Moneycontrol.com

Just Dial IPO gets good response; subscribed 70% on Day 2

Just Dial's IPO has been subscribed 70 percent so far, as per data available on the National Stock Exchange website. The price band for the issue, which will close on May 22, is at Rs 470-543 a share.

Moneycontrol Bureau

The Rs 950-crore initial public offer (IPO) of Just Dial has received a good response on the second day of its subscription Tuesday, helped by qualified institutional buyers (QIBs).

The issue has been subscribed 70 percent so far, as per data available on National Stock Exchange (NSE) website.

The reserved portion of QIBs was subscribed 89 percent while that of retail investors was 70 percent susbscribed of the total shares offered by the company.

The issue received bids for 94.40 lakh equity shares as against issue size of 1.35 crore shares. The price band for the issue, which will close on May 22, is at Rs 470-543 a share.

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.

Also Read: Valuation a key argument: Udayan on Just Dial IPO

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.

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