DAM Capital Advisors IPO has seen a strong public subscription on Day 2, with retail and non-institutional investors leading the way. The IPO opened for bidding on Thursday and was fully subscribed within hours. As of 1:30 PM, the initial public offering (IPO) had received bids for 10.04 crore shares against the 2.08 crore shares on offer, reflecting a 4.83 times subscription, according to NSE data.
Retail and Non-Institutional Investors Lead the Charge
The retail individual investors (RIIs) category was the most subscribed, with a 6.62 times subscription, showing strong demand from smaller investors. Similarly, the non-institutional investors (NIIs) category also saw substantial interest, with a 6.98 times subscription. However, the Qualified Institutional Buyers (QIBs) segment has shown more muted interest, with only a 2% subscription.
Pricing and GMP Surge
The IPO’s price band is set between ₹269 and ₹283 per share. As the subscription grows, the grey market premium (GMP) for DAM Capital Advisors’ shares has surged, with the GMP reaching ₹170, signaling a potential listing gain of around 60%. This surge in GMP suggests a positive outlook for the stock upon its listing.
Offer Details and Timeline
DAM Capital Advisors’ IPO is entirely an Offer for Sale (OFS), with 2.97 crore equity shares worth ₹840.25 crore being offered by promoters and investors at the upper price band, with no fresh issue component. The IPO will close on December 23, 2024, and the share allotment is expected to take place on December 24, 2024. The listing is scheduled for December 27, 2024, on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
Earlier Success: ₹251 Crore Raised from Anchor Investors
Before opening for public subscription, DAM Capital raised ₹251 crore from anchor investors, indicating significant institutional interest in the company.
The strong subscription performance on Day 2, along with the impressive GMP, shows a high level of investor confidence in DAM Capital Advisors, making it an IPO worth keeping an eye on as it heads toward listing later this month.