Investment banker Dharmesh Mehta-led DAM Capital Advisors closed its Rs 840-crore initial share sale with a massive 81.88 times subscription on December 23. Investors bought 170.35 crore equity shares against the offer size of 2.08 crore shares.
The share allotment will be finalised by the pure-play investment bank on December 24, and the much-awaited listing of the first investment banking firm is scheduled for December 27.
DAM Capital Advisors IPO shares traded at more than 50 percent premium over the upper price band in the grey market, the market observers said. The grey market is an unofficial market for trading in IPO shares till the listing.
Qualified institutional buyers were at the forefront of boosting the subscription numbers, bidding 166.33 times their allotted quota, followed by non-institutional investors who bought 98.47 times their reserved portion.
The part set aside for retail investors was subscribed 26.8 times, while employees, too, showed strong interest in the issue, picking 40.09 times their reserved portion.
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The public issue remained on investors' radar since the beginning of December 19. The IPO comprises of entirely an offer-for-sale of 2.96 crore shares by existing shareholders including promoter Dharmesh Mehta and four investors (Multiples Alternate Asset Management, RBL Bank, Narotam Satyanarayan Sekhsaria, and Easyaccess Financial Services).
Hence, the entire issue proceeds (excluding offer expenses) will be received by the above-mentioned selling shareholders, and the company will not receive any money from the offer.
DAM Capital is one of the leading merchant banks in India with a market share of 12.1 percent, based on the number of initial public offerings and qualified institutional placements. Since November 2019 (when Dharmesh Mehta acquired this business from IDFC) till October 2024, it has executed 72 equity capital markets (ECM) transactions consisting of 27 initial public offerings, 16 qualified institutions placements, 6 offer-for-sale, 6 preferential issues, 4 rights issues, 8 buybacks, 4 open offers, and 1 initial public offer of real estate investment trust.
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