Just Dial, an India-based search engine backed by Germany-based technology company SAP, will look to sell shares worth more than R700 crore ($154.5m), with R360 crore of fresh capital being raised, and stake being sold by shareholders, according to news provider VC Circle.
Citigroup Global Markets India and Morgan Stanley India were bookrunners, VC Circle said.
In June, SAP Ventures invested $7.5m for a 1.5% stake in Just Dial, which valued the business search firm at $500m compared to $100m two years earlier, according to VC Circle then.
Just Dial raised its first round of institutional funding of R50 crore ($11m) from VC firm SAIF Partners in 2006, which had 23% in June, followed by another investment worth R77 crore by investment manager Tiger Global Management in 2007.