The Rs 950-crore IPO of Just Dial, the biggest issue so far this year, received bids for over 15.76 crore shares, as against 1.35 crore shares on offer, data available on the NSE till 1800 hrs showed.
The company has fixed the issue price band at Rs 470-543 and will give Rs 47 (10 per cent to the floor price) discount to retail investors.Just Dial will provide 'safety net' for retail investors. Under this, if the market value of the scrip falls below the issue price at any time during the scheme period, promoters will buyback shares at the sale price from original allottees.Also Read: Vodafone reports flat sales growth in FY13; no IPO in 2013However, the buyback will be subject to a maximum of 1,000 shares per allottee.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.Citigroup and Morgan Stanley are the book-running lead managers to the issue.The company plans to list its shares on the BSE, NSE and MCX-SX. 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!
