The initial share sale of DAM Capital Advisors, a first from a boutique investment firm in India, was subscribed 16.56 times on the last day of bidding today (December 23). Strong demand for the issue continues from retail investors and non-institutional investors.
The ₹840-crore public issue of DAM Capital Advisors has received bids for 34.45 crore shares against 2.08 crore shares on offer, according to data available on the exchange as of 12 pm.
The category set aside for non-institutional investors in DAM Capital Advisors IPO has got subscribed 35.45 times, followed by the retail portion at 14.47 times. The Qualified Institutional Buyers (QIBs) quota has received nearly 6.01 times subscription.
The grey market premium (GMP) of DAM Capital Advisors IPO has risen to around ₹160 in the unlisted market on the last day of subscription today. This suggested a premium of over 55% due to strong demand for the company’s shares.
The grey market operates as an unofficial platform where shares are traded prior to opening of the subscription until the listing day. This unregulated market allows investors to speculate on the pricing.
The IPO, which kicked off for subscription on December 19, closes for public bidding today (December 23). The company has fixed a price band of ₹269-283 per share for its public issue, where investors can bid for 53 equity shares in one lot and in multiples thereafter.
The IPO comprises entirely an offer-for-sale of 2.96 crore equity shares by promoter and investors. Since the IPO is entirely an OFS, the proceeds from the offer will go to the selling shareholders.
Investment banker Dharmesh Mehta-led DAM Capital Advisors has raised ₹251.48 crore via anchor book on December 18, a day before the IPO opening.
Marquee global investors such as Nomura, Goldman Sachs, HSBC Global, Carmignac Portfolio, Neuberger Berman Investment Funds, and Societe Generale participated in the DAM’s anchor book.
DAM Capital Advisors Ltd is touted to be the fastest growing merchant bank in India. The company offers a wide range of financial solutions in the areas of:- (i) Investment banking comprising equity capital markets (ECM), mergers and acquisitions (M&A), private equity (PE), and structured finance advisory; and (ii) Institutional equities comprising broking and research.
Nuvama Wealth Management Ltd is the book running lead manager of the DAM Capital Advisors IPO, while Link Intime India Private Ltd is the registrar for the issue.
The allotment for the DAM Capital Advisors IPO is expected to be finalised on December 24. The company’s shares will list on BSE, NSE with tentative listing date fixed as December 27, 2024.
Content retrieved from: https://www.cnbctv18.com/market/dam-capital-advisors-ipo-gmp-surges-on-strong-demand-issue-booked-so-far-on-day-3-19528330.htm.
