Just Dial IPO to open May 20

Company is looking to sell 1.74 cr shares that will constitute 25.02% of fully diluted post offer paid up equity share capital of the company

 

Just Dial has announced that its initial public open offer would be available to the public from May 20 to May 22. The shares will be available in a band of Rs.470-543 per share, according to a release from the company.

The company which describes itself as a local search engine, is looking to sell 1.74 crore shares which will constitute 25.02% of the fully diluted post-offer paid-up equity share capital of the company.

The IPO is not a fresh issue but an offer for sale, which means that existing stakeholders would be selling their stake rather the company raising money for its activities.

A discount of 10% to the floor price is being offered to retail investors. Retail investors are those investors who invest Rs.2 lakhs or less.  The IPO would also feature a safety net, by which the sellers would agree to buy a portion of the stocks back if it underperforms.

The company will be listed on the BSE, the National Stock Exchange and MCX Stock Exchange.

The investment bankers handling the issue are Citigroup Global Markets India Private Limited and Morgan Stanley India Company Private Limited.  Karvy Computershare Private Limited is the Registrar to the Offer.

Rating agency Crisil has given it a rating of 5/5 indicating strong fundamentals.