Tue Dec 24 23:13:08 UTC 2024: ## DAM Capital Advisors IPO Oversubscribed, Strong Grey Market Premium Signals Potential Listing Gains

**Mumbai, December 23, 2024** – The initial public offering (IPO) of DAM Capital Advisors, a domestic investment bank, concluded today with overwhelming investor response. The ₹840.25 crore IPO was oversubscribed by a staggering 81.88 times by the closing bell, significantly exceeding the initial 18.67x subscription recorded on Friday. Retail investors subscribed 26.8 times their allotted portion, while non-institutional investors (NIIs) and qualified institutional buyers (QIBs) showed even stronger interest, subscribing 98.47 times and 166.33 times, respectively.

The IPO, priced between ₹269 and ₹283 per share, is entirely an offer for sale of 2.97 crore shares. The strong demand has translated into a significant grey market premium (GMP). Market observers report a GMP of approximately ₹160, representing a potential listing day gain of 56%. This suggests a strong positive market sentiment ahead of the listing on December 27th.

Several brokerage firms have issued positive recommendations. Mehta Equities recommends subscribing for listing gains, highlighting DAM Capital’s strong market leadership and impressive financial turnaround. Choice and Bajaj Broking both suggest a “subscribe for long term” strategy, acknowledging the company’s strong performance but also noting concerns about its high valuation relative to peers. Bajaj Broking also highlighted potential risks such as market volatility and competition.

The allotment is expected to be finalized on December 24th. Nuvama Wealth Management Limited acted as the book running lead manager, while Link Intime India Private Ltd served as the registrar.

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