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Just Dial sees strong demand for India’s largest internet IPO

22 May 2013

india_rupee_170sqThe IPO of venture capital-backed  search engine Just Dial – which is the largest initial offering by an Indian internet company to date – has been fully subscribed.

The initial offering – which is the largest ever by an Indian internet business – was oversubscribed 1.94 times, said PTI.

Just Dial offered a 25 per cent stake at a price of INR470 to INR543 per share, looking to raise INR93.6bn ($170m).

A document filed yesterday showed that Just Dial had raised INR20.8bn ($37.9m) from 15 anchor investors including Singapore’s sovereign wealth fund Temasek, Goldman Sachs and Fidelity.

Existing shareholders in the business include SAIF Partners, Tiger Global, Sequoia Capital and SAP Ventures, which planned to sell 17.5 million shares via the IPO.

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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