DAM Capital Files Fresh Draft Papers To Go Public

DAM Capital Advisors Ltd. has submitted fresh draft papers to the Securities and Exchange Board of India to raise funds through an initial public offering.

The IPO will consist of an offer-for-sale portion of up to 3.2 crore equity shares at a face value of Rs 2 and will not include a fresh issue component, according to the draft red herring prospectus.

Those divesting shares in the OFS include Multiples Alternate Asset Management Pvt., Narotam Sekhsaria, RBL Bank Ltd., Easyaccess Financial Services Ltd., and promoter Dharmesh Anil Mehta.

Nuvama Wealth Management Ltd. is the book-running lead manager of the issue, while Link Intime India Pvt. is the registrar for the issue.

The company will not receive any proceeds from the offer for sale by the selling shareholders. Each of the selling shareholders will be entitled to the respective proportion of the proceeds of the offer for sale after deducting their portion of the offer-related expenses and the relevant taxes thereon.

Led by veteran dealmaker Dharmesh Mehta, DAM Capital has been the fastest-growing investment bank in India in terms of revenue CAGR between fiscal 2022 and 2024, with the highest profit margin in fiscal 2024, among the peers considered.

The company is one of the leading investment banks in India with a market share of 12.1% based on the number of initial public offerings and qualified institutional placements undertaken by it as a book-running lead manager in fiscal 2024.

In fiscal 2024, DAM Capital was a bookrunning lead manager to 17 IPOs and QIPs, which represented 12.1% market share in the IPO and QIP transactions in India. Since the acquisition, the company has consistently improved its market share from 8.2% in fiscal 2021 to 12.1% in fiscal 2024 in terms of the number of IPOs and QIPs undertaken as book-running lead manager.

The equity shares are proposed to be listed on both the BSE and NSE. For the purposes of the offer, the designated stock exchange shall be the BSE.