The IPO of DAM Capital Advisors, formerly known as IDFC Securities, is set to close for public subscription today, after receiving a strong response from investors. The initial public offering, which is an offer-for-sale, has been subscribed nearly seven times. The IPO, which was priced between ₹269-283, consists of an offer-for-sale of 2.97 crore equity shares worth ₹840.25 crore by various selling shareholders.
The IPO has seen a good response from all categories of investors, with the QIB portion subscribed 0.07 times, the NII portion subscribed 11.49 times, and the retail portion subscribed 8.96 times. The employee quota was oversubscribed by 13 times. As part of the IPO, the company raised ₹251.48 crore from anchor investors, including Nomura, Goldman Sachs, HSBC, and others.
DAM Capital Advisors offers a range of financial solutions in areas such as investment banking, mergers and acquisitions, private equity, and institutional equities. Headed by Dharmesh Anil Mehta, the company is a leading investment bank with a market share of 12.1% in IPOs and qualified institutional placements.
The IPO proceeds will go directly to the selling shareholders, as it is an offer-for-sale. The company aims to go public to list its equity shares on the stock exchanges and allow selling shareholders to sell their shares through the offer-for-sale. Nuvama Wealth Management is the sole merchant banker to the issue.
Overall, DAM Capital Advisors’ IPO has seen strong demand from investors, reflecting confidence in the company’s business and growth prospects. The successful subscription of the IPO indicates a positive market sentiment towards the company and the investment banking sector as a whole.
