SEBI approves the IPO of pure-play investment bank DAM Capital Advisors

Dharmesh Mehta, MD & CEO - DAM Capital

Capital market regulator SEBI has approved the IPO of DAM Capital Advisors, headed by veteran banker Dharmesh Mehta, for an issue comprising solely of an offer-for-sale.

Nuvama Wealth Management is the sole merchant banker for the public issue, and Link Intime India is acting as the registrar. The issue is fully an offer-for-sale and the entire IPO proceed will go to selling shareholders.

Investment bank DAM Capital clocked a revenue CAGR of 38.77% between FY22-24, with highest profit margin in FY24 amongst its peers. Last fiscal, DAM had a market share of 12.1% in IPOs and QIPs, as per company data.

Moneycontrol had in August reported citing sources that DAM Capital was preparing to file draft share sale papers with the regulator for its own IPO.

This will be India’s first public issue by a pure-play boutique investment bank. Since inception, DAM has executed 67 equity market transactions such as IPOs and QIPs, among other modes, and have done 20 advisory transactions, including M&A, PE and structured finance.

Four investors, namely Multiples Alternate Asset Management, Narotam Satyanarayan Sekhsaria, RBL Bank and Easyaccess Financial Services, along with promoter Dharmesh Mehta are selling shares in the OFS.

DAM Capital was set up by Dharmesh Mehta in November 2019, who was earlier the MD & CEO at Axis Capital and has over three decades of experience in the capital markets.