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The three-day initial Public Offer (IPO) of airport service aggregator platform DreamFolks Services was subscribed 56.68 times on the last day of its subscription that closed on August 26. The issue received bids for 53,74,97,212 shares against 94,83,302 shares on offer, as per exchanges data.
The portion meant for Qualified Institutional Buyers (QIBs) received 70.53 times subscription, the category for retail investors was bid 43.66 times and non-institutional investors (NIIs) 37.66 times.
Shares of DreamFolks Services are commanding a premium (GMP) of ₹110 in the grey market today, as per market observers. After the finalisation of share allotment that happened this week, now all eyes are on Dreamfolks shares listing. The shares of the company are expected to list on stock exchanges BSE and NSE next week on Tuesday, September 6, 2022.
The IPO was entirely an offer for sale (OFS) of 1,72,42,368 equity shares by promoters Liberatha Peter Kallat, Dinesh Nagpal and Mukesh Yadav. The public issue will constitute 33% of the post offer paid-up equity share capital of the company.
DreamFolks Services had raised ₹253 crore from anchor investors ahead of its public issue that opened on August 24, 2022, and was priced in the range of ₹308-326 a share.
DreamFolks facilitates an enhanced airport experience for passengers, leveraging its technology-driven platform. The company’s asset-light business model integrates global and domestic networks, credit card and debit card issuers and other corporate clients, including airline companies, with various airport lounge operators and other airport-related service providers on a unified technology platform.
DreamFolks is a dominant player and India’s largest airport service aggregator platform (with a share of over 80% in the domestic lounge access market) facilitating an enhanced airport experience to passengers leveraging a technology driven platform.
As at March 31, 2022, Dreamforks had 50 Clients including the Card Networks and many of India’s prominent Card Issuers. As of March 31, 2022, 9.79 million Paxes, cumulatively, had availed of their services, since Fiscal 2020.
Equirus Capital and Motilal Oswal Investment Advisors were the book running lead managers to the public issue. Link Intime India Private Ltd was the registrar of the initial share sale.
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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