India’s Just Dial raises $165 million from secondary share IPO

The search engine provider is the first company to offer a safety-net clause for retail investors, which may have contributed to the decision to fix the price below the top end of the range.

India’s Just Dial raises $165 million from secondary share IPO

Indian search engine provider Just Dial will raise about Rs9.19 billion $165 million from its initial public offering after fixing the price at Rs530 per share, according to sources. The total funds raised include a discount of Rs47 per share for retail investors.

According to data provided by the Indian stock exchanges, the deal was 11.6 times covered and could easily have priced at the top of the Rs470 to Rs543 range. But instead it...

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