DAM Capital Advisors Shares Close 6% Higher On Listing Day

Shares of DAM Capital Advisors Ltd. ended with gains of 5.85% over the listing price on the National Stock Exchange. The stock closed at a 5.73% premium on the BSE, at Rs 415.40 per share.

The company's shares had debuted on the NSE at Rs 393 apiece, at a premium of 38.87% over the issue price of Rs 283. The stock listed on the BSE at Rs 392.90 per share, marking a premium of 38.83%. Intraday, the stock rose as much as 61.44%, reaching Rs 456.90 per share.

DAM Capital Advisors' IPO, which closed on Dec. 23, was subscribed 82.08 times, with demand led by qualified institutional buyers. The IPO comprised a pure offer-for-sale component worth Rs 840.25 crore.

DAM Capital is one of the leading merchant banks in India with a market share of 12.1%, based on the number of IPOs and qualified institutional placements undertaken, as per Crisil.

The company raised Rs 252 crore from anchor investors a day before its IPO opened for bidding. The lender allotted approximately 88.9 lakh shares at Rs 283 apiece to 33 anchor investors, with domestic mutual funds securing 38.86% of the total allocation through ten funds across 18 schemes.

Nuvama Wealth Management Ltd. is the book-running lead manager for the issue, whereas Link Intime India Pvt. is the registrar.