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Online and telephone business listings service JustDial has received approval from Securities and Exchange Board of India (SEBI) for its proposed Initial public offering (IPO), reports The Economic Times.

The report states that SEBI had approved this offering on March 20 and this approval is valid for an year, following which the company will have to re-draft its draft red herring prospectus (DRHP) for an IPO with SEBI.

JustDial had initially filed its draft red herring prospectus with SEBI to raise Rs 360 crore in August 2011, however the company shelved its plans in June 2012, due to a sharp fall in the markets and raised Rs 327 crore from its existing private equity investors, Sequoia Capital and SAP Ventures, with Sequoia Capital leading the funding round with a Rs 305 crore investment.

In August 2012, JustDial had re-filed its DRHP with SEBI and was looking to sell 9.55 million (9,554,307) shares of face value Rs 10 each, in return for 13.53% stake in the company. This includes 4.03 million shares (4,032,059 shares) held by SAIF Partners, 2.51 million shares (2,511,649 shares) held by Tiger Global Four JD Holdings, 1.55 million shares (1,557,252 shares) held by Tiger Global Five Indian Holdings, 1.04 million shares (1,041,426 shares) held by Sequoia Capital, 347,142 shares held by EGCS and 64,779 shares held by SAP Ventures.

The company had informed that all the IPO proceeds would be going to its investors – Sequoia Capital, SAP Ventures, SAIF Partners, EGCS, and Tiger Global, with the company not receiving any of the IPO proceeds.

Founded in 1996 with initial investment of Rs 50,000, Just Dial provides a local search engine for merchants across restaurants and retail stores to plumbers and pest control units via the Internet, WAP, SMS, telephone and native mobile apps across Android, Blackberry and iOS platforms. The company claims that 60% of its queries come from Internet. Based out of Mumbai, Justdial also has offices across India in Ahmedabad, Bengaluru, Chandigarh, Chennai, Coimbatore, Delhi, Hyderabad, Jaipur, Kolkata and Pune.

For the financial year 2012, JustDial had reported Rs 277 crore in revenue and Rs 52.28 crore profit. The company claims to have around 7.7 million listings as of June 2012 and claims to have addressed over 254.3 million search queries across various platforms in the fiscal 2012.