Date:17/08/11,
IPO,
Domestic,
Just Dial Ltd, a Mumbai based local search firm that provides both B2C and B2B listings of small and medium businesses, filed its draft red herring prospectus (DRHP) with the market regulator SEBI for its maiden public offering, looking to raise INR 3600 million . 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 INR 3600 million 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% stake in the firm, the rest is held by private equity firms and employees.
SAIF Partners currently holds 21.58%stake, Tiger Global owns 21.79% while Sequoia Capital India holds another 10.35% stake in the company. Sequoia Capital Global Equities and SAP Ventures, who invested $10 million in June this year, hold 1.01% stake each.
Amitabh Bachchan, who is the brand ambassador for Just Dial, also holds a minor 0.10% stake.
Just Dial’s consolidated total income increased from INR 502.4 million in FY07 to INR 1899.1 million in FY11, representing a CAGR of 39.4%. Its profits after tax increased from INR 16.4 million in FY07 to INR 286.2 million in FY11.
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