PE-backed Just Dial targets $79m IPO
Indian search engine Just Dial is planning a INR3.6 billion ($79 million) IPO that will allow its private equity backers to make full or partial exits. A draft prospectus filed with the Securities and Exchange Board of India indicates that offering will comprise a combination of new and existing shares.
Private equity firms hold about 55% of Just Dial, with SAIF Partners, Sequoia Capital and Tiger Global owning stakes of 21.58%, 12.73% and 21.84%, respectively. Bollywood star Amitabh Bachchan has a small minority stake. The bulk of the company - 42.79% - is owned by its founder, V.S.S. Mani, and his family.
The most recent investment came in June 2011 when Sequoia committed a further $10 million alongside SAP Ventures, valuing the company at around $500 million. Sequoia initially took a stake of less than 10% in Just Dial last year, paying $8.6 million. SAIF contributed $10.9 million to the company's Series A round of financing in 2006, while Tiger Global came on board a year later, investing $16.6 million.
Just Dial posted a net profit of INR290 million for the year ended March, off revenues of INR1.89 billion. On this basis, the offering values the company at more than 10x its last fiscal revenue, The Economic Times reported. Citigroup Global Markets India and Morgan Stanley India are coordinating the offering.
The company claims to handle search queries from 120 million unique users, offering services via the internet and mobile internet, as well as through telephone and SMS channels.
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