Just Dial hits record high, stock surges 58% against issue price

The stock has surged 58% against its issue price of Rs 483 per share offered to retail individual investors.

Just Dial has surged 12% to Rs 763, its record high since listing, on back of heavy volumes on the National Stock Exchange (NSE). The stock opened at Rs 686 and touched low of Rs 685 so far.

A combined 2.01 million shares representing 4.3% of total equity of the company changed hands on the counter till 1240 hours against an average less than 300,000 shares that were traded daily in past two weeks on NSE and BSE.

Just Dial has surged 58% against its issue price of Rs 483 per share offered to retail individual investors. The internet firm had raised Rs 950 through initial public offer (IPO) in May, by issuing shares at price of Rs 530 per share. The company offered a 10% or Rs 47 discount retail individual investors.

The company, founded in 1997, provides comprehensive listings of local small businesses across India, which can be accessed via a single telephone number (8888888888) or via the Web site.

Venkatachalam Sthanu Subramani, the founder of the company along with other promoters, held 33.13% stake in the company post listing. Foreign corporate bodies held 35.02% stake, followed by foreign institutional investors (14.85%), Individual shareholders (5.89%) and Foreign Venture Capital Investors (4.46%). The remaining 6.65% holdings are with mutual funds, financial institutions and others.