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Justdial fixes issue price at Rs 530 a share

Existing shareholders raise about Rs 925 crore

BS Reporter  |  Mumbai 

Domestic search engine service provider, Justdial, which successfully concluded its Initial Public Offering (IPO) last week, has fixed the issue price at Rs 530 a share.

This is close to the top end of its price band, which was between Rs 470 and Rs 543 a share.

The nearly 17.5 million-share offering will raise a total of nearly Rs 925 crore for existing shareholders, including promoter and founder V S S Mani and institutional investors SAIF Partners, Tiger Global, Sequoia Capital and SAP Ventures.

The promoter group holding in Justdial has come down from 37.15 per cent to 33.13 per cent after the IPO.

It was an offer for sale by existing shareholders of the company. At the IPO price, the company will command a market capitalisation of about Rs 3,700 crore.

Justdial IPO, which closed for subscription on May 22, was subscribed nearly 12 times.

The institutional investor quota, which comprised 75 per cent of the offering, saw 10 times subscription, while high net worth individuals and retail categories saw 22 times and 3.5 times subscription, respectively.

The company had offered 10 per cent to retail subscribers and a ‘safety net’ feature to safeguard small investors from a drop in the share prices till two months after listing.

The investment bankers to the issue were Citigroup Global India and Morgan Stanley India.

First Published: Mon, May 27 2013. 22:45 IST