Venture capital-backed Indian search engine Just Dial has raised INR20.8bn ($37.9m) from 15 investors since its flotation on Monday.
Investors including Singapore’s sovereign wealth fund Temasek, Goldman Sachs India Fund, Fidelity, Ivy Pacific Opportunities Fund and HSBC have subscribed for 3.94 million shares in the company, according to a regulatory filing.
Just Dial aims to raise INR93.6bn $170m by floating a 25 per cent stake. The IPO, which will close tomorrow, is expected to value the business at around $700m.
Existing shareholders in the business include SAIF Partners, Tiger Global, Sequoia Capital and SAP Ventures, are set to sell 17.5 million shares in Just Dial.
SAIF said it will make a return of ten times, while Tiger is reportedly expecting a return multiple of nine times. SAIF and Sequoia backed the company in July 2009 followed just two months later by Tiger.
In June 2012, Sequoia invested $55m in Just Dial in its largest deal in India.
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