DAM Capital IPO sees 2.75x subscription on Day 1; retail, NIIs lead; check latest GMP

DAM Capital IPO sees 60% overall subscription on Day 1 so far; retail portion sails through

The retail portion of the DAM Capital was fully booked in less than two hours of the issue opening in the primary market on Day 1.

Investment bank DAM Capital Advisors' Rs 840-crore initial public offer (IPO) was subscribed 2.75 times.

The issue got bids for 5.71 crore shares against 2.08 crore shares on offer, according to data available with the NSE.

The portion for non-institutional investors attracted 3.72x subscription while the share of Retail Individual Investors (RIIs) got subscribed 3.87 times.

Earlier, it raised Rs 251 crore from anchor investors, a day before opening of its initial share-sale for public subscription.

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

The issue with a price band of Rs 269-283 per share, opened for public subscription on December 19 and will conclude on December 23. At the upper end of the price band, the company's market capitalisation has been pegged at Rs 2,000 crore.

According to market observers tracking the grey market activities, the shares of DAM Capital Advisors are commanding a GMP of over 50 percent. Investorgain quoted a grey market premium of Rs 148 in the unofficial market, signalling a gain of 52.3 percent.

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, with no fresh issue component.

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.

The equity shares of the company are expected to be listed on December 27 on the BSE and the NSE.

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