Just Dial, an India-based search engine backed by Germany-based technology company SAP’s corporate venturing unit, is reportedly looking to list its international operations on US stock exchange Nasdaq.
Just Dial will pursue the US listing following a planned listing of the main company in India, according to news provider Deals India yesterday. In August Just Dial filed in India to sell shares worth more than R700 crore ($154.5m), with R360 crore of fresh capital being raised, and a 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.