JustDial Issue Subscribed Over 11 Times (Asia)

Source: VCCircle, Reuters  |  Authors: Devidutta Tripathy, Sumeet Chatterjee

Indian search engine Just Dial has held an initial public offering on India’s National Stock Exchange, Bombay Stock Exchange and MCX Exchange, raising around US$170 million. The offering, which was anchored by a US$38 million investment from Singaporean sovereign wealth fund Temasek and global asset manager Fidelity Investments, was oversubscribed by 11.6x. Private equity firms Sequoia Capital and SAIF Partners, as well as hedge fund Tiger Global Management, divested part of their respective stakes in Just Dial through the offering and will reportedly generate return multiples between 8x and 12x.