CRISIL Research has assigned a CRISIL IPO grade of '5/5' to the proposed IPO of Just Dial Ltd. This grade indicates that the fundamentals of the IPO are strong relative to the other listed equity securities in India. However, this grade is not an opinion on whether the issue price is appropriate in relation to the issue fundamentals. The grade is not a recommendation to buy, sell or hold the graded instrument, its future market price or suitability for a particular investor.
The assigned grade reflects Just Dials strong position in the local search market across India. Leveraging its first mover advantage in phone-based search engine, Just Dial has created Indias largest local search database (7.2 mn products and service providers) and a business model which has been difficult to replicate. Its search volume has grown multi-fold, thanks to its fast service, relevant search results, updated database and technology, whereby it has created a strong brand image. It has successfully