Just Dial, the Indian local search service firm had offered shares in the public bourse at a volume of US$170 million, The IPO was subscribed 11.6 times its original value and is according to Reuters the largest one in the country in 2013.
While this may signify strong investor interest and demand for new shares, the overall picture painted by market experts is that there are few and far between deals that can help boost the IPO market in the country out of the doldrums in the near future.
Just Dial, whose company founders and equity investors such as Sequoia Capital and TIger Globe had offered their shares to the market, is said to be the largest IPO sale since Bharti Infratel Ltd netted nearly US$750 million in their December 2012 IPO.
There have been 12 IPOs launched in the Indian market in the first three months of 2013, with each raising less than a US$100 million each.
Just Dial's primary service is to search local businesses through the Internet and other platforms. Their IPO sold 17.5 million shares with an indicative price range between 470 rupees and 543 rupees per share.
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