DAM Capital IPO Receives 6.98 Times Subscription On Day-2 Sale Offer

New Delhi: The initial public offer of investment bank DAM Capital Advisors Ltd was subscribed 6.98 times on Friday, the second day of the share sale. The IPO got bids for 14,52,54,503 shares against 2,08,04,632 shares on offer, as per data available with the NSE. The Non-Institutional Investors part received 11.49 times subscriptions, while the category for Retail Individual Investors (RIIs) subscribed 8.96 times. Qualified Institutional Buyers (QIBs) garnered a 7 per cent subscription. 

ALSO READ: Jayanta Malla Baruah Shares Development Goals, Hopes Top Real Estate Developers Invest In Assam

DAM Capital IPO Subscribed 6.98x

The initial share sale of DAM Capital Advisors Ltd was fully subscribed hours after opening for bidding on Thursday. DAM Capital Advisors said on Wednesday that 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.

DAM Capital Advisors IPO: Promoters and Investors to Monetize Holdings via OFS

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.

ALSO READ: Haryana Govt Notifies Procurement Of 24 Crops At MSP

DAM Capital Advisors provides a wide range of financial solutions in areas of 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. Company equity shares will be listed on the BSE and the NSE.