 "RBL Bank divests entire 8.16% stake in DAM Capital before IPO listing")
RBL Bank has sold its entire 8.16 per cent stake in DAM Capital Advisors Limited through an offer for sale (OFS) after the latter’s initial public offering (IPO), held from December 19 to 23, 2024. The transaction, amounting to Rs 163.32 crore (excluding taxes and related expenses), was disclosed by the bank in an exchange filing on Thursday.
The sale involved 5.77 million equity shares with a face value of Rs 2 each, representing 8.16 per cent of DAM Capital’s equity capital, sold at Rs 283 per share.
Following this transaction, RBL Bank no longer holds any equity in DAM Capital, the bank said.
Prior to the IPO, RBL Bank had divested 1.06 million shares, representing a 1.5 per cent stake in DAM Capital, through a secondary market transaction. The earlier transaction was below the threshold requiring regulatory disclosure under Securities and Exchange Board of India (Sebi) guidelines.
DAM Capital financials
Incorporated on May 7, 1993, DAM Capital is a financial services company providing a range of offerings. Its merchant banking services include expertise in equity capital markets, mergers and acquisitions, private equity, and structured finance advisory. Additionally, the company offers institutional equities services, encompassing broking and research.
The company reported consolidated revenue of Rs 182 crore in FY24, up significantly from Rs 85 crore in FY23.
DAM Capital goes public
DAM Capital Advisors is set to make its stock market debut on December 27, following a successful IPO that ran from December 19 to December 23.
Also Read
The IPO, which was a book-built issue, had a price band set between Rs 269 and Rs 283 per share. The issue had a minimum lot size of 53 shares, and retail investors were required to invest a minimum of Rs 14,999.
DAM Capital Advisors’ IPO comprised an OFS of 29.7 million equity shares and raised Rs 840.25 crore. During the three-day subscription period, the issue saw an overwhelming overall subscription of 81.88 times, with retail, qualified institutional buyers (QIBs), and non-institutional investors (NIIs) all showing keen interest.
As of Thursday, the DAM Capital Advisors IPO’s grey market premium (GMP) is trading at Rs 155.