Just Dial to raise up to $174 million through IPO

MUMBAI (Reuters) - Just Dial said on Monday it will raise up to 9.5 billion rupees through an initial public offer, which is scheduled to be launched on May 20.

The Mumbai-based local search firm, which is backed by Sequoia Capital and Tiger Globe, will sell 17.5 million shares priced between 470 rupees and 543 rupees each, it said in a statement.

The issue will close on May 22.

The offer constitutes 25 percent of the fully-diluted post-offer paid-up equity capital of the company and retail investors would get a 10 percent discount on the issued price, the company said.

Citigroup and Morgan Stanley are the lead managers to the issue, it said. (Reporting by Indulal PM; Editing by Anupama Dwivedi)