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DreamFolks Services IPO subscribed 57 times on day three as retail portion booked 44 times

The issue, entirely an offer for sale, is sized at Rs 562 crore at the upper end of the price band of Rs 308-326 a share.

August 26, 2022 / 05:18 PM IST
DreamFolks Services IPO

DreamFolks Services IPO

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The initial public offering (IPO) of airport service aggregator DreamFolks Services saw 56.68 times subscription on the third and final day of the offer on Friday.

The IPO received bids for 53.74 crore equity shares against 94.83 lakh shares on offer, according to data available with the NSE.

The quota for retail investors (RIIs) was subscribed 43.66 times, the category for non-institutional investors 37.66 times and the portion for qualified institutional buyers (QIBs) 70.53 times.

The IPO got fully subscribed within hours of opening on Wednesday ending the day with 1.96 times subscription.

The issue, entirely an offer for sale, is sized at Rs 562 crore at the upper end of the price band of Rs 308-326 a share.

Brokerage house Nirmal Bang has a subscribe rating on the issue.

"At the upper end of the price band, DreamFolks is 30.4x FY24 earnings per share which we feel is attractive," it added.

Angel Broking also has a subscribe rating for the issue from a medium to long term perspective.

DreamFolks started off operations in 2013 by facilitating lounge access services for consumers of Mastercard and now provides services to all card networks operating in India including Visa, Mastercard, Diners/Discover and RuPay.

It also provides services to many of India's prominent card issuers including ICICI Bank, Axis Bank, Kotak Mahindra Bank, HDFC Bank and SBI Card.

Over the years, it has transformed from being an airport lounge access aggregator to an end-to-end technology solutions provider for designing and delivering services that enhance the airport experience. Apart from lounge services, it also provides other airport related services such as food and beverages, spa, and pick-up-and-drop service.

The firm has a global footprint extending to 1,416 touch-points in 121 countries worldwide, of which 244 touch-points are in India, and 1,172 touch-points overseas (versus zero till FY20) as of March 2022.

The company enjoys a dominant position in the segment with a share of over 80 percent of the domestic lounge access market, while it has over 95 percent market share of all India-issued credit and debit card access to the airport lounges.

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Moneycontrol News
first published: Aug 26, 2022 10:21 am