DAM Capital Advisors shares will be listed today. The IPO price has been pegged at ₹283 The IPO attracted strong bids across investors by subscribing 82 times.
The initial public offering that hit the market in the price band of ₹269-283, was and entirely on an offer-for-sale by promoter: Dharmesh Anil Mehta; and investors” Multiples Alternate Asset Management, RBL Bank, Easyaccess Financial Services, and Narotam Satyanarayan Sekhsaria.
The QIB window received bids for 166.33 times, while the NII portion got 98.62 and that for retail investors 27.13 times. The employee quota (70,000 shares) was subscribed 40.55 times.
The company can list with a healthy listing gain of about 50 per cent over its issue price of ₹283, said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
“We recommend conservative allotted investors can think of booking profits above our expectations. While long term investors should consider taking risk on the post listing trend on the company to Hold it for Long Term despite knowing short term volatility & risk in the markets, he said.
As part of the IPO, the company had raised ₹251.48 crore from anchor investors. The marquee investors included Nomura, Goldman Sachs, HSBC, Societe Generale, Nippon India Mutual Fund (MF), HDFC MF, Kotak MF, and Aditya Birla Sun Life MF. DAM Capital has allotted 88.86 lakh shares to 33 funds at ₹283 apiece.
Since the entire issue is an OFS, all the proceeds from the issue will go directly to the selling shareholders, rather than to the company. The company said it plans to go public to achieve the benefit of listing equity shares on the stock exchanges and allow selling shareholders to sell their shares through the OFS.
DAM Capital Advisors provides a range of financial solutions in the areas of investment banking, comprising equity capital markets (ECM), mergers and acquisitions (M&A), private equity (PE), and structured finance advisory, and institutional equities, comprising broking and research.
Headed by Mehta, DAM Capital Advisors is a leading investment bank with a market share of 12.1 per cent based on the number of IPOs and qualified institutional placements undertaken by it as the book-running lead manager in FY24, according to a Crisil report.
Nuvama Wealth Management is the sole merchant banker to the issue. The equity shares of the company will be on the BSE and the NSE.
