Dreamfolks Services spurts on debut

Shares of Dreamfolks Services were trading at Rs 465.25 at 10:20 IST on the BSE, a premium of 42.71% compared with the issue price of Rs 326.

The scrip was listed at Rs 505, representing a premium of 54.91% compared with the issue price.

So far, the scrip has hit a high of Rs 550 and a low of Rs 471. Over 9.13 lakh shares of the company have changed hands in the counter till now.

The initial public offer (IPO) of Dreamfolks Services was subscribed 56.68 times. The IPO, with a price band of Rs 308-326 a share, was open for public subscription during 24 to 26 August 2022.

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.

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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