Dreamfolks' offer for sale subscribed 57 times on issue concluding day

The initial public offering (IPO) of Dreamfolks Services was subscribed 57 times on Friday, the concluding day of the issue. The institutional investor portion was subscribed 70.5 times, the wealthy investor portion by 37.6 times, and the retail investor portion by 43.6 times. On Tuesday, the company had raised Rs 253 crore through the anchor allotment process and allotted 7.8 million shares to 18 anchor investors. The price band for the issue was Rs 308-326 per share. At the top-end, Dreamfolks will be valued at Rs 1,703 crore. The company’s IPO is entirely an offer for sale by existing shareholders. In January, when the firm filed its draft offer document with Sebi, 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 the volatile market conditions. The company will raise Rs 562 crore through its IPO.

Dreamfolks enables credit card companies and corporates to provide access to airport services to their clients. It facilitates access to all the 54 lounges currently operational in India. The firm has a market share of over 90 per cent of all credit and debit cards that offer airport lounge facilities. The company began operations in 2013 with the consumers of MasterCard and, currently provides services to all the card networks operating in India.  In FY22, the company reported a net profit of Rs 16.3 crore on revenues of Rs 283 crore.