Mumbai: Shares of local search engine Just Dial on Wednesday made a smart debut on the bourses, listing with a gain of over 19 percent against its issue price of Rs 530. Just Dial's shares listed at Rs 590 on the NSE soon surged 19.22 percent to touch a high of Rs 631.90 as the trade progressed.
The company had recently raised Rs 950 crore through its IPO. Just Dial's issue, which was the largest offer by an Indian web-based and local search company, was subscribed almost 12 times. Besides, it is the biggest initial public offering (IPO) in calendar year 2013 so far.
The Just Dial IPO drew a strong response from Foreign Institutional Investors (FIIs) and high net-worth individuals. Founded by V S S Mani, the company, which started offering local search services in 1996 under the Just Dial brand, had raised Rs 208 crore by issuing shares to anchor investors, including Goldman Sachs and HSBC.
Meanwhile, the broader market was trading weak, with the BSE benchmark Sensex falling 55.27 points to 19,490.51 in late morning trade.


Latest News from Business News Desk