Dreamfolks Services IPO receives nearly 2x subscription

The offer received bids for 1.85 crore shares as against 94.83 lakh shares on offer.

The initial public offer (IPO) of Dreamfolks Services received bids for 1,85,76,916 shares as against 94,83,302 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (24 August 2022). The issue was subscribed 1.96 times.

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

The public issue comprises 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.

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