The IPO of DAM Capital Advisors, previously known as IDFC Securities, has garnered significant interest from investors, with the issue being subscribed 2.75 times on the first day itself. The public offering, priced between ₹269-283, will remain open for subscription until December 23, with a minimum lot size of 53 shares.
This IPO comprises a total offer-for-sale (OFS) of 2.97 crore equity shares valued at ₹840.25 crore, by various stakeholders including the promoter Dharmesh Anil Mehta and investors Multiples Alternate Asset Management, RBL Bank, Easyaccess Financial Services, and Narotam Satyanarayan Sekhsaria.
The allocation for qualified institutional buyers stands at 50%, while retail investors and non-institutional investors are allotted 35% and 15% respectively. Additionally, eligible employees have been provided a reservation of up to 70,000 shares. On the first day of subscription, the QIB portion received bids for 0.01 times, while the NII and retail investor segments were oversubscribed at 3.72 times and 3.88 times, respectively. The employee quota witnessed a subscription of 6.19 times.
The company raised ₹251.48 crore from anchor investors, including major names like Nomura, Goldman Sachs, HSBC, and various mutual funds such as Nippon India, HDFC, Kotak, and Aditya Birla Sun Life. All proceeds from the IPO will go to the selling shareholders due to the entire issue being an OFS.
DAM Capital Advisors aims to leverage the benefits of listing its equity shares on the stock exchanges through this IPO. The company specializes in providing financial solutions in investment banking, including ECM, M&A, PE, and structured finance advisory, as well as institutional equities in broking and research.
With a market share of 12.1% in FY24 for managing IPOs and institutional placements, DAM Capital Advisors is a prominent investment bank led by Dharmesh Anil Mehta. Nuvama Wealth Management is the sole merchant banker for this IPO, and the equity shares will be listed on both the BSE and NSE.
In conclusion, the DAM Capital IPO has generated substantial interest and demonstrates the confidence of investors in the company’s growth prospects. It highlights the significant role played by investment banks in the capital markets and the evolving landscape of financial services in India.