India’s Just Dial plans NASDAQ listing
Private equity-backed Indian search engine Just Dial is looking to list its international unit on NASDAQ, barely two months after filing for a domestic IPO worth up to INR3.6 billion ($79 million).
The company is already in talks with bankers about the offering, LiveMint reported, citing people with direct knowledge of the situation. Citigroup and Morgan Stanley are managing the domestic IPO, but appointments have yet to be made for the international listing.
Just Dial hopes to replicate the success of travel website MakeMyTrip, which raised $70 million on NASDAQ in August 2010 in what was the first by an Indian company on a US exchange in four years. The offering was priced at $14 per share, more than 5x projected revenues (the company had yet to turn a profit) and the stock soared 90% to $26.45 on its trading debut.
According a draft prospectus filed with the Securities and Exchange Board of India, Just Dial's domestic 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 net profit of INR189 million for the 2011 fiscal year, up 41% from the previous year.
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