DAM Capital Advisors IPO opens at ₹269-283
The IPO of DAM Capital Advisors, earlier known as IDFC Securities, will open today to the public at a price band of ₹269-283. The 3-day initial public offering will be open till December 23. The minimum lot size is 53 shares.
The IPO is solely an offer-for-sale (OFS) of 2.97 crore equity shares worth ₹840.25 crore by a promoter, Dharmesh Anil Mehta, and investors Multiples Alternate Asset Management, RBL Bank, Easyaccess Financial Services, and Narotam Satyanarayan Sekhsaria.
Up to 50 per cent of the issue has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. The offer includes a reservation of up to 70,000 shares to eligible employees.
As part of IPO, the company on Wednesday raised ₹251.48 crore from anchor investors. The marquee investors included Nomura, Goldman Sachs, HSBC, Societe Generale, Nippon India Mutual Fund (MF), HDFC MF, Kotak MF, and Aditya Birla Sun Life MF are among the anchor investors.
DAM Capital has allotted 88.86 lakh shares to 33 funds at ₹283 apiece.
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.
The company said it plans to go public to achieve the benefit of listing equity shares on the stock exchanges and allow selling shareholders to sell their shares through the OFS.
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.
Headed by Mehta, DAM Capital Advisors is a leading investment bank in the country with a market share of 12.1 per cent based on the number of IPOs and qualified institutional placements undertaken by it as the book-running lead manager in FY24, according to a Crisil report.
Nuvama Wealth Management is the sole merchant banker for the issue. The equity shares of the company will be on the BSE and the NSE.
