 "DreamFolks' IPO subscribed 1.96x on Day 1, retail portion booked 8x")
The initial public offering (IPO) of DreamFolks Services was fully subscribed on Wednesday.
The institutional investor portion was subscribed 0.25x. The wealthy investor portion by 1.39x, and retail investor by 8x. Overall, the IPO was subscribed 1.96x.
On Tuesday, the company raised Rs 253 crore through anchor allotment. The company allotted 7.75 million shares to 18 anchor investors.
The IPO will close on Friday.
The price band for the issue is Rs 308-326 per share. At the upper end, DreamFolks will be valued at Rs 1,703 crore.
The company’s IPO is entirely an offer for sale by existing shareholders.
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In January, when the company filed its draft offer document with the Securities and Exchange Board of India, it was looking to sell 21.81 million shares through the IPO, which has now been reduced by 20 per cent to 17.24 million shares to align with volatile market conditions.
The company will raise Rs 562 crore through its IPO.
DreamFolks enables credit card companies and corporations to provide access to airport services to their clients. It facilitates access to 54 lounges currently operational in India.
DreamFolks has a market share of over 90 per cent of all credit and debit cards that offer airport lounge facilities.
In 2021-22, the company had reported a net profit of Rs 16.3 crore on revenues of Rs 283 crore.
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