Just Dial eyes Rs 950 cr from IPO, issue opens on May 20
Local search engine JustDial said that it will hit the capital markets on May 20 to raise up to Rs 950 crore through an initial public offer.
JustDial IPO
The offer will see promoters and other investors shedding 17.49 million or 25.2 per cent of the paid up equity capital. Post issue the promoters will hold 33 per cent in the company and the issue does not involve the company issuing fresh shares, but selling existing ones.The city-based local search engine, backed by foreign investors like Sequoia Capital, Tiger Globe, and promoted by Mani family, will dilute their stakes trough offer for sale route, the promoter and managing director VSS Mani said. He also said the company has fixed a price band of Rs 470-543 per share, which carries a face value of Rs 10.The issue will remain open till May 22, adding it is offering a 10 per cent discount to retail investors who will also get the safety net option. When asked about the hefty premium, Mani said it is arrived at the i-bankers and indicates the strong fundamentals of the company, which had a cash balance of Rs 475 crore and a revenue of Rs 275 crore as of March 2012.The company plans to list on the BSE, NSE and MCX-SX. Citigroup and Morgan Stanley are the book-running lead managers to the issue. (Source PTI)Also Read: Onesource Techmedia IPO opens for subscription on May 17 Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
