DAM Capital Advisors mops up over Rs 251 crore via anchor book, Rs 840-crore IPO to open on December 19

DAM Capital Advisors IPO

Investment banker Dharmesh Mehta-led DAM Capital Advisors has raised Rs 251.48 crore via anchor book on December 18, a day before the IPO opening. The Rs 840-crore initial share sale will open for public subscription on December 19.

The company has finalised the allocation of 88.86 lakh equity shares to anchor investors at a price of Rs 283 per equity share, as per the exchange filing.

The IPO comprises entirely an offer-for-sale of 2.96 crore equity shares by promoter and investors. The offer with a price band of Rs 269-283 per share will close on December 23.

Marquee global investors including Nomura, Goldman Sachs, HSBC Global, Carmignac Portfolio, Neuberger Berman Investment Funds, and Societe Generale participated in the DAM's anchor book.

Domestic institutional investors like HDFC Mutual Fund, Nippon Life India, Kotak Mahindra AMC, Aditya Birla Sun Life AMC, Bhandhan Mutual Fund, Edelweiss Trusteeship, ITI Mutual Fund, LIC Mutual Fund, Whiteoak Capital, Helois Fund, Malabar India Fund, and 360 ONE Equity Opportunity Fund, too, invested in the company.

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Among others, Sunil Singhania's Abakkus Growth Fund, Madhusudan Kela-backed Chartered Finance & Leasing, and Vikas Khemani-backed Carnelian Capital, as well as Aditya Birla Sun Life Insurance, and SBI General Insurance made investment in DAM.

"Out of the total allocation of 88.86 lakh shares to the anchor investors, 34.53 lakh shares were allocated to 10 domestic mutual funds through their total 18 schemes," DAM Capital said.

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DAM Capital Advisors, being the first pure play investment banking unit listing on the bourses, will not receive any IPO money. All the issue proceeds (excluding offer expenses) will go the selling shareholders.

Investors - Multiples Alternate Asset Management, Narotam Satyanarayan Sekhsaria, RBL Bank, Easyaccess Financial Services, and promoter Dharmesh Anil Mehta are the selling shareholders in the offer-for-sale.

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Dharmesh Mehta, his wife Sonali, and their Boombucket Advisors hold 45.88 percent in DAM Capital.

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