DAM Capital IPO fully subscribed hours after opening for bidding; gets 2.75 times subscription

New Delhi: The initial share sale of investment bank DAM Capital Advisors Ltd got fully subscribed hours after opening for bidding on Thursday and ended with 2.75 times subscription.

The initial public offering (IPO) received bids for 5,71,69,722 shares against 2,08,04,632 shares on offer, reflecting 2.75 times subscription, as per NSE data.

Retail individual investors (RIIs) part attracted 3.87 times subscription while the quota for non-institutional investors got subscribed 3.72 times. The category for qualified institutional buyers (QIBs) received 1 per cent subscription.

DAM Capital Advisors on Wednesday said it has raised Rs 251 crore from anchor investors.

The initial share sale, with a price band of Rs 269-283 per share, will conclude on December 23.

The IPO is solely an offer for sale (OFS) of 2.97 crore equity shares worth Rs 840.25 crore, by a promoter and investors at the upper end of the price band, with no fresh issue component.

Those selling shares in the OFS are promoter Dharmesh Anil Mehta, investors Multiples Alternate Asset Management, RBL Bank, Easyaccess Financial Services, and Narotam Satyanarayan Sekhsaria.

Since the entire issue is an OFS, all the proceeds from the IPO will go directly to the selling shareholder, rather than to the company.

In its draft papers, the company stated it plans to go public to achieve the benefit of listing equity shares on the stock exchanges and allow shareholders to sell their shares through the OFS.

DAM Capital Advisors provides a wide range of financial solutions in areas of (i) 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.

Nuvama Wealth Management is the sole merchant banker for the issue.

The equity shares of the company will be listed on the BSE and the NSE.