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VC-backed Just Dial share gains 15.5% on first day's trading

  • Mirzaan Jamwal
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Indian business listings and search provider Just Dial saw it shares close at INR612 ($10.79) apiece - 15.5% above the IPO price - on the first day of trading on the National Stock Exchange on Tuesday.

The company's share listed at INR590, above the offer price of INR530 for institutional investors and INR477 for retail investors.The scrip opened this morning, the third day of trading, at INR613.

Just Dial's IPO was subscribed 11.6 times and raised $162 million in the biggest initial offering in India this year.

VC backers Sequoia Capital, SAIF Partners, Tiger Global, ECGS and SAP Ventures have made a partial exit through the IPO.

Just Dial also raised over INR2 billion ($37 million) from 3.9 million equity shares issued at INR530 each to 15 anchor investors, including Goldman Sachs, Temasek, HSBC, Birla Sunlife, BlackRock and Deutsche Bank.

The internet and phone search service reported a net profit from continuing operations of INR522.8 million, up 81.4% year-on-year, as revenue rose 47.6% to INR2.77 billion.

Sequoia and SAP invested INR3.27 billion in the company in June after the first attempt at an IPO in 2012 failed. It previously raised $15 million from a SAIF-led group in 2006, $20 million from Tiger Global and $10 million from Sequoia in 2009, and then $7.5 million from SAP and Sequoia in 2011.

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