 "DAM Capital IPO receives 6.98 times subscription on Day 2 of offer")
The initial public offer of investment bank DAM Capital Advisors Ltd received 6.98 times subscription on the second day of share sale on Friday.
The IPO got bids for 14,52,54,503 shares against 2,08,04,632 shares on offer, as per data available with the NSE.
Non-Institutional Investors part received 11.49 times subscription while the category for Retail Individual Investors (RIIs) got subscribed 8.96 times. Qualified Institutional Buyers (QIBs) garnered 7 per cent subscription.
The initial share sale of DAM Capital Advisors Ltd got fully subscribed hours after opening for bidding on Thursday.
DAM Capital IPO receives 6.98 times subscription on Day 2 of offer
The initial share sale, with a price band of Rs 269-283 per share, will conclude on December 23.
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The IPO is solely an offer for sale (OFS) of 2.97 crore equity shares worth Rs 840.25 crore, by a promoter and investors at the upper end of the price band.
Those selling shares in the OFS are promoter Dharmesh Anil Mehta, investors Multiples Alternate Asset Management, RBL Bank, Easyaccess Financial Services, and Narotam Satyanarayan Sekhsaria.
Since the entire issue is an OFS, all the proceeds from the IPO will go directly to the selling shareholder, rather than to the company.
In its draft papers, the company stated it plans to go public to achieve the benefit of listing equity shares on the stock exchanges and allow shareholders to sell their shares through the OFS.
DAM Capital Advisors provides a wide range of financial solutions in areas of investment banking comprising equity capital markets (ECM), mergers and acquisitions (M&A), private equity (PE), and structured finance advisory; and institutional equities comprising broking and research.
Nuvama Wealth Management is the sole merchant banker for the issue.
Equity shares of the company will be listed on the BSE and the NSE.