Dreamfolks Services IPO ends with strong subscription

QIB category witnesses maximum subscription followed by NII and retail category.

The initial public offer (IPO) of Dreamfolks Services received bids for 53,74,97,212 shares as against 94,83,302 shares on offer. The issue was subscribed 56.68 times.

The Qualified Institutional Buyers (QIBs) category was subscribed 70.53 times. The Non Institutional Investors (NIIs) category was subscribed 37.66 times. The Retail Individual Investors (RIIs) category was subscribed 43.66 times.

The IPO, with a price band of Rs 308-326 a share, opened for public subscription during 24 to 26 August 2022. An investor was allowed to bid for a minimum of 46 equity shares and in multiples thereof.

The public issue comprised of an offer for sale of up to 1,72,42,368 equity shares by selling promoters Liberatha Peter Kallat, Dinesh Nagpal, and Mukesh Yadav.

The company will not directly receive any proceeds from the offer and the entire offer proceeds will be received by the selling shareholders.

Ahead of the IPO, the company on 23 August 2022 raised Rs 253 crore from 18 anchor investors. It allocated a total of 77,59,066 equity shares to anchor investors at Rs 326 each, aggregating the transaction size to Rs 252.94 crore.

Dreamfolks Services is India's largest airport service aggregator platform facilitating an enhanced airport experience to passengers leveraging a technology driven platform.

The company reported net sales of Rs 282.50 crore and net profit of Rs 16.25 crore in the year ended March 2022.

Powered by Capital Market - Live News