DAM Capital offers exposure to fast evolving merchant banking sector in the country
IPO price: Rs 269-283
IPO size: Upto Rs 840 crore
Implied market cap: Upto Rs 2,000 crore
Face value: Rs 2 per share
Lot size: 53 shares
Retail portion: 35%
DAM Capital Advisors, which offers investment banking services, plans to raise up to Rs 840 crore through an offer for sale by existing investors and the promoter group. The promoter group's stake will fall to 40% after the IPO from 46%. Unlike peers, the company’s merchant banking division is the largest revenue generator compared with the broking segment. It has grown at a rapid pace over the past years while improving margins. It is among the few promoter driven investment banking firms. However, its business is heavily dependent on the progress of economic activities in the country and capital market sentiments. Given these factors, investors with a high risk appetite and long term horizon may consider the IPO.
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