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.
Here are the key events which made headlines of the day
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.
Brokerage house KM Global Finserv has recommended investors to subscribe to Just Dial's IPO for listing gains, in its research report dated May 21, 2013.
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.
Just Dial's IPO has been subscribed 50 percent so far, as per data available on National Stock Exchange website. The price band for the issue, which will close on May 22, is at Rs 470-543 a share.
Just Dial has raised over Rs 208 crore through issue of 39.37 lakh equity shares to anchor investors including Goldman Sachs and HSBC.
Just Dial's floor price of the band (Rs 470) discounts last full year's earnings more than 65 times and book value around 32 times which certainly can't sustain for long post-listing. The promoters' negligible cost of holding & their unassumingly low stake thus gives enough indication what's in store for JDL investors, says Fernando.
Mumbai-based Just Dial, which provides search services over phone and web, is looking to raise around Rs 822-950 crore from the primary market.
Local search engine Justdial has raised over Rs 208 crore through issue of shares to anchor investors including Goldman Sachs and HSBC.
CRISIL has assigned CRISIL IPO grade '5/5' to the proposed IPO of Just Dial. This grade indicates that the fundamentals of the IPO are strong relative to other listed equity securities in India. However, this grade is not an opinion on whether the issue price is appropriate in relation to the issue fundamentals.
Sanjay Sharma, MD & Head of Equity Capital Markets–India at Deutsche Bank expects private sector to garner USD 1 billion through IPP or OFS going ahead.
Brokerage house GEPL Capital has recommended investors to subscribe to the Just Dial IPO. Expansion plan of the company will help to spread its reach in to new geographical horizon & will help to further deep its root in existing geography, said the research firm.
CRISIL has assigned grade 5/5 to the proposed IPO of Just Dial. This grade indicates that the fundamentals of the IPO are strong relative to other listed equity securities in India.
Local search services provider Just Dial has filed draft red herring prospectus (DRHP) with the SEBI again, for public offer of 95.54 lakh equity shares, diluting 13.53% stake. It is an offer for sale by selling shareholders; therefore the company will not get any IPO money.