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Bidding details on the NSE show that the employee category was outbid more than six times, surpassing all other categories.
As of October 31, 2024, DAM Capital Advisors employed 121 people across various businesses, including 29 in research and 34 in the broking team. The company serves 263 active clients, including registered foreign portfolio investors (FPIs) from regions such as India, the USA, the UK, Europe, and others.
While the Non-Institutional Investors (NIIs) quota was subscribed 3.7 times and the retail investor quota was subscribed 3.9 times, the Qualified Institutional Buyers (QIBs) category saw muted interest, with only about 1% subscribed on the first day. Total bidding as of 5:00 pm on day one stood at 2.8 times, with the offer remaining open for subscription until December 23.
Also read: DAM Capital Advisors’ ₹840 crore IPO fully subscribed in less than three hours
Recent IPOs with the highest levels of employee bidding include Vibhor Steel Tubes (201x), Jyoti CNC Automation (12.5x), Emcure Pharmaceuticals (8.8x), Tata Technologies (3.7x), and Bajaj Housing Finance (2.1x).
The primary issuance of DAM Capital Advisors is entirely an Offer for Sale (OFS), with existing shareholders—including promoter Dharmesh Anil Mehta and other investors such as Multiples Alternate Asset Management, RBL Bank, Easyaccess Financial Services, and Narotam Satyanarayan Sekhsaria—offloading nearly 3 crore shares.
The ₹840 crore offer is priced in the range of ₹269-283 per share, implying a market capitalisation of about ₹2,000 crore at the upper price band.
DAM Capital’s net profit soared more than 8-fold in FY24 to ₹70.52 crore, driven by a 112% rise in revenue. The company’s net revenue for the year ended March 2024 stood at ₹180 crore.
