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DAM Capital Advisors IPO Day 1 Live Updates: The investment bank DAM Capital Advisors is set to launch its initial public offering with a share price range of ₹269-283, which will be available for public subscription from December 19 to December 23. On Wednesday, it announced that it has secured ₹251 crore from anchor investors, just one day prior to the start of its initial share sale for public subscription.
Among the anchor investors listed in a circular posted on the BSE website are Nomura, Goldman Sachs, HSBC, Societe Generale, Nippon India Mutual Fund (MF), HDFC MF, Kotak MF, and Aditya Birla Sun Life MF.
The IPO consists entirely of an offer-for-sale (OFS) of 2.97 crore equity shares valued at ₹840.25 crore, provided by a promoter and investors at the higher end of the price band, without any new issuance component.
The sellers of shares in the OFS include promoter Dharmesh Anil Mehta, along with investors like Multiples Alternate Asset Management, RBL Bank, Easyaccess Financial Services, and Narotam Satyanarayan Sekhsaria. At the highest point of the price range, the company’s market capitalization is estimated at ₹2,000 crore.
Fifty percent of the offering has been allocated for qualified institutional buyers, 35 percent for retail investors, and the remaining 15 percent for non-institutional investors.
Led by Mehta, DAM Capital Advisors is a prominent investment bank in the nation, holding a market share of 12.1 percent based on the number of IPOs and qualified institutional placements it managed as the book-running lead manager in FY24, as per a report by Crisil.
DAM Capital Advisors IPO Day 1 Live Updates: Business overview
DAM Capital Advisors Ltd (DAM Capital) is a leading investment bank in India, holding a 12.1% market share in Fiscal 2024 based on the number of IPOs and QIPs where it acted as the book-running lead manager. The company operates primarily in two segments: Merchant Banking and Institutional Equities. It offers a comprehensive range of financial solutions, including equity capital markets (ECM), M&A advisory, private equity, structured finance, broking, and research, positioning itself as a full-service financial services provider in India.
DAM Capital Advisors IPO Day 1 Live Updates: Mehta Equities recommends ‘SUBSCRIBE’ rating to DAM Capital IPO. Here’s why
Based on annualized FY 2025 earnings and fully diluted post-IPO paid-up capital, the company is seeking a PE of 22.85x, which seems reasonable considering its strong financial recovery and growth trajectory. However, investors should consider the 100% Offer for Sale (OFS) of ₹840.25 crore, which could raise concerns for new investors. Given the company’s client-focused approach, which has fostered long-term relationships with institutional investors, financial sponsors, and corporates, leading to repeat business, DAM Capital is well-positioned to capitalize on India’s vibrant equity markets. Hence, we recommend investors to “SUBSCRIBE” to the DAM Capital Advisory Ltd IPO from a listing gain perspective only.
DAM Capital Advisors IPO Day 1 Live Updates: Details of BRLM and registrar
Nuvama Wealth Management is the book-running lead manager for DAM Capital Advisors IPO while Link Intime India is the registrar to the offer.
DAM Capital Advisors IPO Day 1 Live Updates: Issue subscribed 1.52 times so far
DAM Capital Advisors IPO was subscribed 1.52 times so far on the first day of the bidding process. Here’s how different quotas were subscribed:
QIB: NIL
SO: 1.62x
Retail Investors: 2.33x
Employees: 3.34x
DAM Capital Advisors IPO Day 1 Live Updates: Financial Snapshot
The company has demonstrated impressive growth in recent years, with total income rising to ₹1,820 million in FY24 from ₹945.08 million in FY22, reflecting a compound annual growth rate (CAGR) of 38.77%. Profit after tax (PAT) also saw a substantial increase, reaching ₹705.23 million, marking a strong CAGR of 79.46% between FY22 and FY24.
DAM Capital Advisors IPO Day 1 Live Updates: Top shareholders of the company
Source: RHP
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DAM Capital Advisors IPO Day 1 Live Updates: Issue sails through within hours of opening
DAM Capital Advisors IPO was fully subscribed within less than 3 hours of opening. At 12.35 pm, the issue was booked 1.01 times. Here’s how different quotas were subscribed:
QIB: NIL
SO: 1x
Retail Investors: 1.58x
Employees: 2.33x
DAM Capital Advisors IPO Day 1 Live Updates: Details of DAM Capital Advisors’ subsidiaries
The company has a wholly owned subsidiary in India, DAM Asset Management Limited, incorporated on July 8, 2024. The subsidiary plans to engage in asset management and investment advisory services for various clients. However, the WOS is not yet operational and is awaiting the certificate of commencement of business.
The Company also has a wholly owned subsidiary in the USA, DAM Capital (USA), Inc. This subsidiary is a broker-dealer registered with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA) in the USA.
Additionally, the Company had a wholly owned subsidiary in Singapore, IDFC Securities Singapore Pte. Ltd. (IDFCSS), which was dissolved and liquidated on November 16, 2021. The Company has filed an application for the removal of its Unique Document Identification Number (UDIN).
DAM Capital Advisors IPO Day 1 Live Updates: Key risks of investing in the IPO
The company operates in a highly regulated environment, which is subject to changes in laws, regulations, and government policies. Further, the company is required to maintain various licences and permits for its business from time to time. Any failure or delay in obtaining or renewing licences or permits, or non-compliance with changing laws, may adversely affect the business.
Its merchant banking and institutional equities business is highly dependent on market and economic conditions. Adverse market or economic conditions could have a significant economic and financial impact.
A significant portion of the company’s revenue is from only two income streams, namely, advisory fee income and brokerage, which are highly dependent on general macroeconomic conditions, and their continued success is necessary for its business prospects.
DAM Capital Advisors IPO Day 1 Live Updates: Objective of the IPO
Since the IPO is entirely an OFS by the investor and promoter selling shareholders, the company will not receive any proceeds. Each of the selling shareholders will be entitled to their respective proportion of the proceeds from the OFS, after deducting their portion of the Offer-related expenses and the relevant taxes thereon.
DAM Capital Advisors IPO Day 1 Live Updates: Retail portion crosses halfway mark
DAM Capital Advisors IPO witnessed strong traction, with the retail portion garnering over 50% bids in less than one hour of the public offer opening for subscription.
At 10.55 am, the retail portion of the IPO was booked 59% with the overall IPO subscribed 37%.
DAM Capital Advisors IPO Day 1 Live Updates: Who all are selling stake via OFS in DAM Capital Advisors IPO? Take a look
- Multiples Alternate Asset Management Private Limited, an investor selling shareholder, is offering up to 8,714,400 equity shares of face value ₹2 each
- Narotam Satyanarayan Sekhsaria, another investor selling shareholder, is selling up to 7,042,400 equity shares of face value ₹2 each
- RBL Bank Limited, as an investor selling shareholder, is offering up to 5,771,000 equity shares of face value ₹2 each
- Easyaccess Financial Services Limited, an investor selling shareholder, is selling up to 5,064,250 equity shares of face value ₹2 each
- Dharmesh Anil Mehta, a promoter selling shareholder, is offering up to 3,098,850 equity shares of face value ₹2 each
DAM Capital Advisors IPO Day 1 Live Updates: Key issue dates investors must take note of
IPO Opening Date: Thursday, December 19, 2024
IPO Closing Date: Monday, December 23, 2024
Basis of Allotment: Tuesday, December 24, 2024
Initiation of Refunds: Thursday, December 26, 2024
Credit of Shares to Demat: Thursday, December 26, 2024
Listing Date: Friday, December 27, 2024
DAM Capital Advisors IPO Day 1 Live Updates: Issue subscribed 6% within 15 minutes of opening
DAM Capital Advisors IPO was subscribed 6% within 15 minutes of opening. Here’s how different quotas were subscribed:
QIB: NIL
SO: 9%
Retail Investors: 9%
Employees: 5%
DAM Capital Advisors IPO Day 1 Live Updates: Bidding opens for the issue
DAM Capital Advisors IPO opened for bidding at 10 am. Investors can now place their bids for the public issue. They can bid for the IPO till Monday, December 23.
DAM Capital Advisors IPO Day 1 Live Updates: DAM Capital IPO structure
DAM Capital IPO is entirely an offer for sale of up to 29,690,900 Equity Shares of face value of ₹2 each by the investor and promoter selling shareholders.
DAM Capital Advisors IPO Day 1 Live Updates: Key details of DAM Capital Advisors public offer
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DAM Capital Advisors IPO Day 1 Live Updates: Anchor investor details
On Wednesday, investment bank DAM Capital Advisors announced that it has raised ₹251 crore from anchor investors, ahead of the opening of its initial public offering (IPO) for public subscription.
Among the anchor investors are notable entities such as Nomura, Goldman Sachs, HSBC, Societe Generale, Nippon India Mutual Fund, HDFC Mutual Fund, Kotak Mutual Fund, and Aditya Birla Sun Life Mutual Fund, as stated in a circular posted on the BSE website.
The circular revealed that DAM Capital has allotted 88.86 lakh shares to 33 funds at ₹283 each, the upper limit of the price band, bringing the total transaction value to ₹251.48 crore.
DAM Capital Advisors IPO Day 1 Live Updates: Here’s what GMP hints ahead of subscription
DAM Capital Advisors IPO GMP today is +148. This indicates DAM Capital Advisors share price was trading at a premium of ₹148 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of DAM Capital Advisors share price is indicated at ₹431 apiece, which is 52.3% higher than the IPO price of ₹283.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
