Just Dial Files For Rs 360Cr IPO | VCCircle
Mumbai-based Just Dial Ltd has filed its draft red herring prospectus (DRHP) with the market regulator SEBI for its maiden public offering, looking to raise Rs 360 crore. The initial public offering (IPO) will also offer the private equity investors an exit window from the firm, which runs an India-specific local business listings site.
The issue involves a fresh issue of shares of up to Rs 360 crore and secondary offering of shares by a promoter group, led by VSS Mani, and investors including SAIF Partners, Tiger Global Management and Sequoia Capital India. While the promoter group currently holds 42.79 per cent stake in the firm, the rest is held by private equity firms and employees.
Considering the share price of the pre-IPO placement in June, the secondary offering is expected to be at least as large as the fresh issue, taking the entire issue size to over Rs 700 crore.
Citigroup Global Markets India and Morgan Stanley India are the book running lead managers to the issue.
From the issue proceeds, Just Dial plans to spend as much as Rs 101.3 crore towards brand building through advertising campaigns and celebrity endorsements, among others. Also, around Rs 51 crore will be used to established new offices in Mumbai, Delhi, Bangalore, Chennai, Pune, Coimbatore, Jaipur and Chandigarh. Another Rs 100 crore will be used for upgrading existing hardware and procuring new hardware.
Largest Internet IPO?
With the total issue size over Rs 700 crore, Just Dial’s IPO is likely to be the largest public offering by an Indian internet company. In 2010, online travel portal MakeMyTrip had listed on the NASDAQ, raising $70-$80 million (Rs 310 crore-Rs 360 crore) in its maiden public offering.
Info Edge (India) Ltd, which owns websites like Naukri.com, raised Rs 174 crore through its IPO in 2006. Again, IntraSoft Technologies, which owns 123greetings.com, raised Rs 53.65 crore in its listing last year.
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