Mumbai-based local search engine Just Dial Ltd has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company is making its first public offer and is looking to raise Rs. 360 crore ($78 million).
The initial public offering (IPO) will also offer the private equity investors an exit window from the company. Just Dial’s IPO is likely to be the largest public offering by an Indian internet company, according to VCCircle.
The Mumbai offices of Amarchand & Mangaldas acted as the domestic legal counsel to Mumbai based Just Dial. The Amarchand team was led by Partner Yash Ashar.
S&R Associates acted as the domestic legal counsel to the underwriters with a team led by Capital Markets Partner Sandip Bhagat along with Associates Bhakta Patnaik, Ganeev Dhillon and Priyanka Mehta.
Trilegal advised SAIF II Mauritius Company on the sale of equity shares of Just Dial in the proposed initial public offering of the company. The Trilegal team was led by Partners Charandeep Kaur and Srinivas Parthasarathy along with Counsel Sameer Guha and Associate Priyanka Kumar
The Singapore office of Latham & Watkins acted as International legal advisor to the underwriters with a team led by Capital Markets and India Partner Rajiv Gupta.
The Bangalore office of Indus Law acted as the legal advisors to the promoters of the company with a team led by Partner Kartik Ganapathy along with Partner Srinivas Katta and Associate Romit Bey.
VCCircle reports, the issue involves a fresh issue of shares of up to Rs. 360 crore and secondary offering of shares by a promoter group, led by VSS Mani, and investors including SAIF Partners, Tiger Global Management and Sequoia Capital India. While the promoter group currently holds 42.79 percent stake in the firm, the rest is held by private equity firms and employees. The secondary offering is expected to be at least as large as the fresh issue, taking the entire issue size to over Rs. 700 crore ($152 million).
From the issue proceeds, Just Dial plans to spend as much as Rs. 101.3 crore (approximately $22 million) towards brand building through advertising campaigns and celebrity endorsements, among others. Also, around Rs. 51 crore (approximately $11 million) will be used to established new offices in Mumbai, Delhi, Bangalore, Chennai, Pune, Coimbatore, Jaipur and Chandigarh. Another Rs. 100 crore ($21.7 million) will be used for upgrading existing hardware and procuring new hardware.