DAM Capital IPO garners 81.88 times subscription

New Delhi, Dec 23 (PTI) The initial public offer of investment bank DAM Capital Advisors Ltd was subscribed 81.88 times on the closing day of bidding on Monday.
    The initial share sale received bids for 1,70,35,38,349 shares against 2,08,04,632 shares on offer, according to NSE data.
    Qualified institutional buyers (QIBs) part received a whopping 166.33 times subscription, while the quota for non-institutional investors attracted 98.47 times bid. Retail individual investors (RIIs) portion fetched 26.80 times the subscription.
    The initial share sale of DAM Capital Advisors Ltd was fully subscribed hours after opening for bidding on Thursday.
    DAM Capital Advisors on Wednesday said it has raised Rs 251 crore from anchor investors.
    The initial share sale has a price band of Rs 269-283 per share.
    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.
    Since the entire issue is an OFS, all the proceeds from the IPO will go directly to the selling shareholder, not 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), structured finance advisory, and institutional equities comprising broking and research.
    Nuvama Wealth Management is the sole merchant banker for the issue.
    The company's shares will be listed on the BSE and NSE.

(This story has not been edited by THE WEEK and is auto-generated from PTI)