DAM Capital Advisors stock surges nearly 39% in debut trade
New Delhi: The stock of investment bank DAM Capital Advisors Ltd listed with a premium of nearly 39 per cent against the issue price of Rs 283 on Friday.
Shares of the firm started the trade at Rs 392.90, a jump of 38.83 per cent on the BSE. The stock later surged 61.44 per cent to Rs 456.90.
At the NSE, it listed at Rs 393, surging 38.86 per cent.
The company’s market valuation stood at Rs 3,067.77 crore.
The initial public offer of DAM Capital Advisors Ltd was subscribed 81.88 times on the closing day of bidding on Monday.
The initial share sale had a price band of Rs 269-283 per share.
The IPO was 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 was 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.
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