Just Dial made a strong debut on the bourses, with its shares surging over 19 per cent.
Just Dial's Rs 950-crore IPO, the biggest issue so far this year, was oversubscribed close to 12 times. Just Dial had fixed the issue price at Rs 530 a share.
Just Dial shares touched a high of Rs 631.90 soon after it got listed on NSE. At 1:20 pm, it was trading at Rs 607.15, up 14 per cent.
Just Dial's share offer had included a 'safety net' for retail investors. Under the offer, promoters of the company pledged to buyback shares at the sale price from original allottees if the market value of the scrip falls below the issue price at any time during the scheme period.
However, the buyback will be subject to a maximum of 1,000 shares per allottee.
The company had fixed the issue price band at Rs 470-543 and gave Rs 47 (10 per cent to the floor price) discount to retail investors.