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The Internet and mobile-based search company Just Dial gained about 19 per cent in intraday on its listing debut on the bourses.
The total volume traded on the NSE stood at 1.24 crore shares. The company’s opening price on listing was Rs 590 on the NSE, which was at about a 18.1 per cent premium to the IPO price of Rs 483 for retail investors.
Mumbai-based Just Dial, which offers search for local businesses through Internet and mobile platforms, sold 17.5 million shares through the IPO, or 25 per cent of its total equity, which was subscribed 11.6 times proving that the safety net and discount provision for retail investors had worked well.
Retail portion was subscribed three times, QIB over ten times, and HNI over 22 times.
Citi Group and Morgan Stanley were the book running lead managers to the issue with the company listing on the NSE, the BSE and the MCX-SX. Goldman Sachs India Fund, HSBC Mauritius, Birla Sunlife Trustee company DSP Black Rock Opportunity Fund, Deutsche Securities Mauritius picked up 39.37 lakh shares at Rs 530 each totalling over Rs 208 crore.
Just Dial’s IPO was the biggest since Bharti Infratel Ltd’s IPO in December last year.
The stock hit a high of Rs 631.90 intraday and closed at Rs 605.45, up 75 points or 14.15 per cent.
(This copy has been corrected for spelling error in Citi Group. The error is regretted.)
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