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.
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Bollywood legend Amitabh Bachchan promotes Just Dial in a series of TV ads
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<div style="text-align: left;"> Bollywood legend Amitabh Bachchan promotes Just Dial in a series of TV ads </div>

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 decided to stick with Rs530, which was the price that the anchor investors agreed to pay earlier in the week. If the final price had been fixed any higher than that, the 15 anchors, which...

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