JustDial to be listed on BSE, NSE from June 5

Local search engine Just Dial, which recently raised Rs 950 crore in its initial public offering (IPO), will be listed on the Bombay Stock Exchange and National Stock Exchange from Wednesday.

"Effective from Wednesday, June 5, 2013, the equity shares of Just Dial Ltd shall be listed and admitted to dealings on the exchange," the bourses said in separate circulars.

The company has fixed an issue price of Rs 530 per share. It has also decided to offer a discount of Rs 47 on the issue price to retail investors.

The price band for the issue was at Rs 470-543 per share.

Just Dial's issue, which was the largest offer by an Indian web-based and local search company, was subscribed almost 12 times. Besides, it is the biggest IPO in calendar year 2013 so far.

Bharti Infratel had raised Rs 4,118 crore in last year's biggest IPO.

The Just Dial IPO drew a strong response from foreign institutional investors (FIIs) and high net-worth individuals. Just Dial will provide 'safety net' for retail investors.

Under this, if the market value of the scrip falls below the issue price at any time during the scheme period, promoters will buy back shares at the sale price from original allottees.

However, the buyback would be subject to a maximum of 1,000 shares per allottee.

Founded by V S S Mani, the company, which started offering local search services in 1996 under the Just Dial brand, had raised Rs 208 crore by issuing shares to anchor investors, including Goldman Sachs and HSBC.

Citigroup and Morgan Stanley are the book-running lead managers to the issue.