VC-backed Just Dial's IPO 11x subscribed
Indian search engine Just Dial’s IPO was subscribed 11.6 times when it closed on Wednesday. The company will raise INR8.2-9.5 billion ($148-171 million), depending on the final issue price.
VC backers Sequoia Capital, SAIF Partners, Tiger Global, ECGS and SAP Ventures will make a partial exit in what is the biggest IPO in India so far this year. It beats the $750 million Bharti Infratel IPO in December 2012.
The company is selling 17.5 million shares at INR470-543 apiece. The final price will be decided by investment bankers based on the amount of bids from investors.
Just Dial has already raised over INR2 billion ($37 million) through the issue of 3.9 million equity shares at INR530 each to 15 anchor investors. These include the Goldman Sachs, 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.
The company abandoned a previous attempt to list last year due to market uncertainty. It refiled its draft red herring prospectus in August and the Securities and Exchange Board of India (SEBI) issued final observations on the documentation on March 20.
Sequoia and SAP invested INR3.27 billion in the company in June after the first attempt at an IPO 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.
The IPO is being run by Citigroup Global Markets and Morgan Stanley.
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