DAM Capital Advisors IPO: Public Issue Fully Subscribed Within 3 Hours On Day 1, Check Latest GMP & More

The initial public offering (IPO) of investment bank DAM Capital Advisors has opened for public subscription, running from December 19 to December 23, 2024. With a price band set at Rs 269-283 per share, the IPO has already created waves in the market, attracting attention from investors across segments.

Anchor Investors

A day before the IPO opened, DAM Capital Advisors raised Rs 251 crore from anchor investors, signalling strong institutional confidence. Esteemed investors like Nomura, Goldman Sachs, HSBC, Societe Generale, Nippon India Mutual Fund (MF), HDFC MF, Kotak MF, and Aditya Birla Sun Life MF participated in the anchor allotment, according to a BSE circular.

Subscription Status

The IPO saw a robust response on its opening day, achieving full subscription by 12:30 pm. The retail portion was fully booked within just 2.5 hours of the issue opening. The Retail Individual Investors (RIIs) segment was oversubscribed by 1.51 times. The Non-Institutional Investors (NII) segment achieved full subscription. The overall IPO, valued at Rs 840 crore, received a bid for 2.10 crore shares against 2.08 crore shares on offer.

Grey Market Premium (GMP)

The IPO has been a hot topic in the grey market, with shares commanding a premium of Rs 148, a 52.3% gain over the upper price band of Rs 283.

IPO Structure

The Rs 840.25 crore IPO comprises entirely of an offer-for-sale (OFS), with no fresh issue of shares. The OFS involves the sale of 2.97 crore equity shares by key stakeholders, including promoter Dharmesh Anil Mehta. Investors such as Multiples Alternate Asset Management, RBL Bank, Easyaccess Financial Services, and Narotam Satyanarayan Sekhsaria.

At the upper end of the price band, the company's market capitalization is pegged at approximately Rs 2,000 crore. The IPO has allocated shares are, 50% for Qualified Institutional Buyers (QIBs), 35% for Retail Investors, and 15% for Non-Institutional Investors (NIIs).

About DAM Capital Advisors

Led by Dharmesh Anil Mehta, DAM Capital Advisors is a leading investment bank in India, holding a 12.1% market share in IPOs and qualified institutional placements it managed in FY24, according to a report by Crisil.

The firm provides a range of financial services, including:
Equity Capital Markets (ECM): Handling IPOs, rights issues, and qualified institutional placements.
Mergers and Acquisitions (M&A): Advising on corporate consolidations and acquisitions.
Private Equity (PE) and Structured Finance Advisory.
Institutional Equities: Offering broking and research services.

Listing and Market Expectations

The equity shares of DAM Capital Advisors are set to list on December 27 on the BSE and NSE. Given the overwhelming response to the IPO and the buzz in the grey market, investors are optimistic about a strong listing.