Indian search engine Just Dial plans to raise up to $175m via next week’s IPO, which will see its venture capital backers partially exit their stakes.
Existing shareholders in Just Dial including SAIF Partners, Tiger Global, Sequoia Capital and SAP Ventures are set to sell nearly 17.5 million shares at a price of 470 to 543 rupees ($9.99), according to a regulatory filing.
SAIF Partners said it will make a return of ten times from the IPO, according to Livemint, while Tiger reportedly expects returns of up to nine times.
Just Dial will float a 25 per cent stake in the IPO, which is expected to value it at as much as $700m.
SAIF and Sequoia invested in the company in July 2009 followed just two months later by Tiger.
In June 2012, Sequoia backed Just Dial with $55m, making it its largest investment in India.
Last year the company posted a $9.6m profit on revenues of $50.9m.
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