DAM Capital Advisors IPO raises ₹251.4 crore from anchor investors ahead of public issue

DAM Capital Advisors Limited raised ₹251.4 crore from anchor investors ahead of its public issue, according to an exchange filing by the company on Wednesday, December 18.

The company has allocated 88,86,268 or 88.86 lakh equity shares to the anchor investors at an allocation price of ₹283 per share, with a face value of ₹2 apiece.

The anchor investor pool for the DAM Capital Advisors' public issue comprises the Nomura Group, Goldman Sachs, Ashoka Whiteoak Capital, HSBC Global, HDFC Mutual Fund, Nippon Life India, Kotak Mahindra, Aditya Birla Sun Life, Bandhan Mutual Fund, and Life Insurance Corporation of India were amongst the marquee investors for the public issue. 

According to the exchange filing by the company on Wednesday, the Nomura Group at 7.16 per cent, Goldman Sachs at 7.16 per cent, Ashoka Whiteoak Capital at 3.58 per cent, HSBC Global at 5.34 per cent, HDFC Mutual Fund at 5.34 per cent, Nippon Life India at 5.34 per cent. Kotak Mahindra, at 5.34 per cent, were the top anchor allocation for the public issue. 

“We believe that the company is well-placed to leverage the growing capital market opportunities in India. As part of its growth strategy, the company plans to enter additional fee-based businesses to capitalize on emerging market trends. Additionally, a strategic partnership with a global merchant bank will strengthen its ability to handle cross-border transactions and broaden its international presence,” said the analysts at Anand Rathi Research Team recommending a “Long Term” subscription rating for the public issue.

DAM Capital Advisors IPO GMP 

As of December 18, the grey market premium (GMP) of the DAM Capital Advisors public issue stands at ₹135 per share. With the upper price band at ₹283 per share, the issue is poised to be listed on the exchanges at ₹418, a premium of 47.7 per cent, according to Investorgain.com. 

Grey market premium (GMP) is an indicator of investors' willingness to pay more for a public issue. The GMP for the IPO went up to ₹135, compared to its earlier level of ₹108 on December 17. 

DAM Capital Advisors IPO Details 

DAM Capital Advisors Limited is an investment bank in India which offers a wide range of financial solutions in the area of equity capital markets (ECM), mergers and acquisitions (M&A), private equity (PE), and structured finance advisory, and Institutional equities broking and research. 

The issue is set to open for subscription on Thursday, December 19, and will close on Monday, December 23. The company has fixed the price band for the public issue at the range of ₹269 to 283 per share, with a lot size of 53 shares per lot. 

The issue is a complete offer-for-sale (OFS) of 2.97 crore shares with no fresh issue component. The issue is expected to be listed on the Indian stock market on December 27. 

Nuvama Wealth Management Limited is the book-runner for the public issue, while Link Intime India Private Ltd is the registrar for the offer. 

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