DAM Capital Advisors, the investment banking firm by veteran banker Dharmesh Mehta, has set the price band of its upcoming public issue at Rs 269-283 per share, which will open for subscription on December 19 and close on December 23.
The process of anchor investor bidding will begin on December 18.
Listing Timeline
The basis of allotment will be finalized on December 24, with refunds initiated and equity shares credited to demat accounts by December 26. The stock is set to list on the exchanges on December 27.
About the IPO
The issue is a pure offer-for-sale (OFS) of up to 2.97 crore shares by existing shareholders and promoters. At the upper price band, the issue size is approximately Rs 840 crore, valuing the company at a market capitalization of around Rs 2,000 crore.
Promoter and Investors
Promoter Dharmesh Anil Mehta and four investors — Multiples Alternate Asset Management, Narotam Satyanarayan Sekhsaria, RBL Bank, and Easyaccess Financial Services — will be the selling shareholders.
Currently, Dharmesh Anil Mehta, along with his wife and their firm Boombucket Advisors, owns a 45.88% stake in the company, while the remaining 54.12% is held by the four main investors.
About The Company
DAM Capital is one of India’s leading merchant banks, holding a market share of 12.1% based on the number of initial public offerings (IPOs) and qualified institutional placements (QIPs) managed as book-running lead manager. The company offers a comprehensive range of financial services, including merchant banking (equity capital markets, mergers and acquisitions, private equity, and structured finance advisory) and institutional equities (broking and research).
From 2019 to date, DAM Capital has executed 72 equity market transactions including 27 IPOs, 16 QIPs, 6 OFS, 6 preferential issues, 4 rights issues, 8 buybacks, 4 open offers, and one REIT IPO. Additionally, the company has advised on 23 transactions across mergers and acquisitions (M&A), private equity, and structured finance advisory, along with block trades.
As of October 31, 2024, the institutional equities segment comprises 29 research professionals and 34 broking team members. Dam Capital services 263 active clients, including registered foreign portfolio investors (FPIs) across India, the USA, the UK, Europe, Hong Kong, Singapore, Australia, Taiwan, South Korea, the Middle East, and South Africa.
Financials
For FY24, DAM Capital reported total income of Rs 182 crore, a significant rise from Rs 85 crore in the previous year. Net profit surged to Rs 70.52 crore in FY24, compared to Rs 8.67 crore in FY23.
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