Investment bank DAM Capital Advisors Ltd.'s initial public offering wasbeen fully subscribed on day one of bidding on Thursday.
The grey market premium of DAM Capital Advisors IPO was Rs 170 as of 03:56 p.m., according to InvestorGain. This implies shares of the company will likely list at Rs 453 apiece, indicating a 60.07% premium to the upper end of the price band.
The price band for the IPO has been set in the range of Rs 269 to Rs 283 per share, and the offer consists purely of an offer for sale component. The market value at the upper end of the price band is Rs 2,000 crore.
Since the DAM Capital Advisors IPO is entirely an OFS, proceeds from the offer will go directly to the selling shareholders. Dharmesh Anil Mehta is offloading 42.41 lakh shares, as per the draft red herring prospectus.
Multiples Alternate Asset Management Pvt. is set to offload 88 lakh shares, followed by Narotam Satyanarayan Sekhsaria offloading 70.69 lakh shares, RBL Bank Ltd. with 68.31 lakh shares, and Easyaccess Financial Services Ltd. with 51.24 lakh shares.
Nuvama Wealth Management Ltd. is the book-running lead manager for the issue, whereas Link Intime India Pvt. is the registrar.
Post the IPO, the company will be listed on India's two main exchanges—the NSE and the BSE.
The anchor investment round was scheduled on Dec. 18. The IPO will close on Dec. 23.
DAM Capital Advisors Issue Details
Issue opens: Dec. 19.
Issue closes: Dec. 23.
Issue price: Rs 269-283.
Offer for sale: Rs 840.25 crore.
Fresh issue: Nil.
Total issue size: Rs 840.25 crore.
Lot size: Minimum 53 shares, and then in multiples thereof.
Business
DAM Capital is one of the leading merchant banks in India with a market share of 12.1%, based on the number of initial public offerings and qualified institutional placements undertaken, as per Crisil.
The company provides a range of financial solutions in areas of merchant banking, comprising equity capital markets, mergers and acquisitions, private equity, and structured finance advisory and institutional equities comprising broking and research.
It services 263 active clients including registered FPIs spread across geographies such as India, USA, UK, Europe, Hong Kong, Singapore, Australia, Taiwan, South Korea, Middle East and South Africa.
Financial Performance
DAM Capital Advisors reported a six-fold rise in net profit at Rs 70.52 crore in the last financial year from Rs 8.67 crore in the previous fiscal. Revenue was up 11% to Rs 478 crore.
Operating income, or earnings before interest, taxes, depreciation, and amortisation, rose four-fold to Rs 92.12 crore in the same period. The Ebitda margin expanded to 51.2% from 21.4%.
As of the quarter ended Sept. 30, the company's debt pile stood at Rs 104.59 crore.
DAM Capital Advisors IPO: Subscription Status Day One
The IPO has been fully subscribed 2.75 times as of 5:00 p.m. on Thursday.
Qualified institutional buyers: 0.01 times or 1%
Non-institutional investors: 3.72 times
Retail investors: 3.88 times.
Employee Reserve: 6.19 times.
DAM Capital Advisors IPO GMP
The grey market premium of DAM Capital Advisors IPO was Rs 170 as of 03:56 p.m., according to InvestorGain. This implies shares of the company will likely list at Rs 453 apiece, indicating a 60.07% premium to the upper end of the price band.
It should be noted that GMP or grey market price is not an official price quote for the stock and is based on speculation.
Watch The IPO Adda Here
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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