Just Dial re-files for IPO, VCs plan partial exit
Just Dial, the Indian online listings provider, has filed for a domestic IPO that will see its venture capital investors exit a portion of their holdings. After an earlier attempt to list was shelved due to market uncertainty, the company completed a fifth round of VC funding in what was seen as a move to raise capital required to sustain business operations until the IPO could be restarted.
Just Dial plans to sell 9.55 million shares, with the India units of Citigroup and Morgan Stanley serving as lead managers. Some reports suggest the offering could value the firm at more than INR40 billion ($722 million). Just Dial filed to raise INR3.6 billion from domestic investors in August 2011 and this was followed by reports that a NASDAQ listing was also in the offing.
According to a regulatory filing, Sequoia Capital will sell 1.01 million shares, SAIF Partners will sell 4.03 million shares, and Tiger Global will sell 2.5 million shares and 1.6 million shares owned by separate funds. EGCS and SAP Ventures will exit approximately 347,000 shares and 65,000 shares, respectively.
The VC investors between them own 62.61% of the company and will hold 48.85 after the listing. The remainder - 37.39% - is owned by founder and CEO V.S.S. Mani and his family, and their holding will not be reduced.
Just Dial helps users find providers of products and services and businesses market their offerings through listings in its database. In the 2012 tax year, the company addressed over 250 million search queries from users. It also reported year-on-year revenue growth of 46.66% to INR2.7 billion.
Sequoia and SAP invested INR3.27 billion in Just Dial 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.
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