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JustDial Re-files For An IPO

JustDial, the online and telephone business listings service, has re-filed (.pdf) its draft red herring prospectus (DRHP) for an initial public offer (IPO) with the Security Exchange and Board of India (SEBI), reports Business Standard.JustDial plans to sell 95.54 lakh shares diluting 13.53% stake in the IPO. The company will be selling shares of its existing investors SAIF Partners (4,032,059 shares), Tiger Global Four JD Holdings (2,511,649 shares), Tiger Global Five Indian Holdings (1,557,252 shares), Sequoia Capital (1,041,426 shares) and SAP Ventures (64,779), therefore, the company will not make any money from the IPO but this will give its investors a chance to exit. The issued share capital of the company is Rs. 9.55 crore. The Indian units of Citigroup and Morgan Stanley are the book running lead managers to the offer.

Last year JustDial had filed its draft red herring prospectus with SEBI for an initial public offering (IPO) to raise Rs 360 crore, however, it shelved its plan due to a sharp fall in the markets. In June 2012, JustDial raised Rs 327 crore from its existing private equity investors, Sequoia Capital and SAP Ventures. Sequoia Capital led the funding round  with a Rs 305 crore investment.

Founded in 1996 with initial investment of Rs. 50,000, Just Dial has so far raised Rs 580 crore from Sequoia Capital, SAP Ventures, SAIF Partners, EGCS, and Tiger Global. These PE firms together now hold close to 60% stake in the company. The company is said to be valued at Rs. 2,600 crore. For the financial year 2011-12, Just Dial reported Rs 260 crore in revenue and Rs 50 crore in profit.

Just Dial provides a local search engine for merchants ranging from restaurants, retail stores to plumbers and pest control units through the Internet, phone, WAP and SMS. The company claims that 60% of its queries come from the web. Based out of Mumbai, Justdial also has offices across India in Ahmedabad, Bengaluru, Chandigarh, Chennai, Coimbatore, Delhi, Hyderabad, Jaipur, Kolkata and Pune. The company claims to have addressed over 250 million search queries from millions of users across platforms in the fiscal year 2011-12.

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