Mumbai: The initial public offer of local search engine Just Dial was over-subscribed by 1.94 times on the last of issue on Wednesday. The Rs 950-crore IPO, the biggest issue so far this year, received bids for over 2.63 crore shares, against 1.35 crore shares on offer, data available on the NSE till 1300 hrs showed.
     
The qualified institutional buyers (QIBs) category has been subscribed 89 percent, while non-institutional investors’ portion saw one percent subscription, as per last evening's data on the NSE.
     
Retail individual investors category received 70 percent subscription. The company has fixed the issue price band at Rs 470-543 and will give Rs 47 (10 percent to the floor price) discount to retail investors.
     
Just Dial will provide 'safety net' for retail investors. Under this, if the market value of the scrip falls below the issue price at any time during the scheme period, promoters will buyback shares at the sale price from original allottees. However, the buyback will be subject to a maximum of 1,000 shares per allottee.
     
Founded by V S S Mani, the company, which started offering local search services in 1996 under the Justdial brand, has already raised Rs 208 crore by issuing shares to anchor investors including Goldman Sachs and HSBC.
    
Citigroup and Morgan Stanley are the book-running lead managers to the issue. The company plans to list its shares on the BSE, NSE and MCX-SX.

(Agencies)

Latest News from Business News Desk