Bangalore: JustDial, the online and telephone business listings service has received an authorization from Securities and Exchange Board of India (SEBI) for its suggested Initial Public Offering (IPO), reports ET.

SEBI had granted to this offering on March 20 and its validity will be for a year after which the company will re-draft its Draft Red Herring Prospectus (DRHP) for an IPO with SEBI. Initially, the company, JustDial had filed its draft red herring prospectus with SEBI to increase 360 crore in August 2011.

Due to a quick fall in the markets, the company cancelled its plans in June 2012 and thus raised 327 crore from its existing private equity investors, Sequoia Capital and SAP Ventures, with the former leading the funding round with 305 crore investments.

JustDial informed that all the IPO proceedings would go to its investors; Sequoia Capital, SAP Ventures, SAIF Partners, EGCS and Tiger Global. The company will not receive any of the IPO proceeds.

This online and telephone business listings company was founded in 1996 with an initial investment of 50, 000 and it provides local search engine for merchants across restaurants and retail stores to plumbers and pest control units through Internet, native mobile apps across Android, Blackberry and iOS platforms, telephone, WAP and SMS. It has offices across India in Ahmedabad, Bengaluru, Chandigarh, Chennai, Coimbatore, Delhi, Hyderabad, Jaipur, Kolkata and Pune.

JustDial reported 277 crore in revenue and 52.28 crore profit for the financial year and it claims to have around 7.7 million listings till June 2012 and has also addressed over 254.3 million search queries across various platforms in the fiscal 2012.

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