Just Dial’s IPO oversubscribed by 1.94 times

Just Dial’s IPO oversubscribed by 1.94 timesAccording to the latest data available, the initial public offering of Just Dial Ltd, which operates the local business listings site called Justdial. com, has been oversubscribed by 1.94 times during the final day of the issue.

The company's Rs. 950-crore IPO received bids for more than 2.63 crore shares compared to 1.35 crore shares offered by the company, according to the data available with the NSE till this afternoon. In the biggest IPO issue so far this year, the shares in the qualified institutional buyers (QIBs) category was subscribed 89 per cent while shares set aside for Retail individual investors received 70 per cent subscription. The subscription is expected to rise as the issue comes to a close on Wednesday.

The company had set the issue price band at Rs. 470-543 for the issue. It said that that there will also be a discount of Rs. 47, which is about 10 per cent of the floor price, to retail investors claiming that the company, will provide a safety net to retail investors. It has promised to buyback a maximum of 1,000 shares per shareholder in case the scrip falls below the issue price at any time during the scheme period.