DAM Capital Advisors, headed by the veteran investment banker Dharmesh Mehta, has filed red herring prospectus with the Registrar of Companies as it has decided to open its initial public offering for public subscription on December 19. The price band details will be disclosed on December 16.
India’s first public issue by a pure-play boutique investment bank consists of solely offer-for-sale of 2.96 crore equity shares with no fresh issue component.
Promoter Dharmesh Anil Mehta, and four investors - Multiples Alternate Asset Management, Narotam Satyanarayan Sekhsaria, RBL Bank, Easyaccess Financial Services - will be the selling shareholders in the offer-for-sale.
Dharmesh Anil Mehta, his wife, and their firm Boombucket Advisors as promoters own 45.88 percent stake in the investment bank. And the remaining 54.12 percent shares are held by investors - Multiples Alternate Asset Management, Narotam Satyanarayan Sekhsaria, RBL Bank, Easyaccess Financial Services.
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The company has reserved half of its public issue size for qualified institutional buyers (QIB), 35 percent for retail investors, and the remainder 15 percent for non-institutional investors.
The anchor book, which is up to 60 percent of qualified institutional buyers’ reserved portion, will be opened for institutional investors on December 18, while the subscription for public will close on December 23.
DAM Capital Advisors with 12.1 percent share (based on the number of initial public offerings and qualified institutional placements launch) has completed 72 equity capital markets transactions since November 2019, while it also closed 23 advisory transactions.
The company that competes with leading investment banks like ICICI Securities, IIFL Capital Services, JM Financial, and Motilal Oswal Financial Services recorded healthy financial performance in the past financial year (FY24) with net profit rising over 8-fold to Rs 70.5 crore compared to previous fiscal 2023, and revenue soaring 112 percent to Rs 180 crore from Rs 84.9 crore during the same period. Profit in the first half of current fiscal 2025 stood at Rs 43.8 crore on revenue of Rs 107.8 crore.
Nuvama Wealth Management is the sole book running lead manager to the issue, while Link Intime India is the registrar to the offer.
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