Leading local search engine Just Dial Ltd. said it had obtained the approval from the market regulator Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO).
In August last year, the company had re-filed its draft red herring prospectus (DRHP) with SEBI for the proposed public offer.
The company plans to sell 95.54 lakh equity shares of face value of Rs.10 each. However, the company itself will not receive any money out of the issue, as funds garnered will go to selling shareholders including Sequoia, SAIF and Tiger Global.
"The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges and to carry out the sale of 95.54 lakh equity shares by the selling shareholders," Just Dial said.
"The listing of the equity shares will enhance our brand name and provide liquidity to the existing shareholders. Listing will also provide a public market for the equity shares in India. Our company will not receive any proceeds from the offer," it added.
In July last year, the company had raised around Rs.251 crore from private equity investors Sequoia Capital India and SCI Growth Investments.
Just Dial had first filed the draft documents with the SEBI for an initial public offer in August, 2011 and was planning to raise over Rs.400 crore. The IPO could not hit the capital market due to a sharp fall in the stock markets.
The regulator had received the draft offer documents on August 14 through its merchant banker Citigroup Global Markets India. Besides, Morgan Stanley India is the other book running lead managers to the issue.
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