DAM Capital Advisors Limited increased ₹251.4 crore from anchor investors ahead of the public issue, according to a stock exchange filing by the company on Wednesday, December 18.
The company has allotted 88,86,268 or 88.86 lakh equity shares to the anchor investors at an allotment price of ₹283 per share, with a nominal value of ₹2 each.
The pool of anchor investors for DAM Capital Advisors’ public issue includes 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 was among the major investors for the public issue.
According to the company’s stock exchange filing on Wednesday, Nomura Group at 7.16 percent, Goldman Sachs at 7.16 percent, Ashoka Whiteoak Capital at 3.58 percent, HSBC Global at 5.34 percent, HDFC Mutual Fund at 5.34 percent, Nippon Leven India at 5.34 percent. Kotak Mahindra was the top allotment for the public issue at 5.34 per cent.
“We believe the company is well positioned to capture the growing capital market opportunities in India. As part of its growth strategy, the company plans to launch additional fee-based businesses to capitalize on trends in emerging markets. In addition, a strategic partnership with a global commercial bank will strengthen its ability to handle cross-border transactions and broaden its international footprint,” the Anand Rathi Research Team analysts said, recommending a “Long Term” subscription rating for the public issue.
DAM Capital Advisors IPO GMP
As of December 18, the gray market premium (GMP) of DAM Capital Advisors’ public issue will be up ₹135 per share. With the upper price range on ₹283 per share, the issue is ready to be listed on the stock exchanges of ₹418, a premium of 47.7 percent, according to Investorgain.com.
The gray market premium (GMP) is an indicator of the willingness of investors to pay more for a public issue. The GMP for the IPO went up to ₹135, compared to the previous level of ₹108 on December 17.
IPO details from DAM Capital Advisors
DAM Capital Advisors Limited is an investment bank in India providing a wide range of financial solutions in equity capital markets (ECM), mergers and acquisitions (M&A), private equity (PE) and structured finance advisory, and institutional equity brokerage and research.
The issue opens for subscription on Thursday, December 19 and closes on Monday, December 23. The company has set the price range for the public issue at a 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 shares of Rs 2.97 crore with no new issue component. The issue is expected to be listed on the Indian stock market on December 27.
Nuvama Wealth Management Limited is the bookrunner for the public issue, while Link Intime India Private Ltd is the registrar for the offering.
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