Airport services aggregator Dreamfolks IPO oversubscribed on Day 1 of bidding

DreamFolks facilitates consumers' access to airport-related services like lounges, food and beverages, spa, meet and assist airport transfer, transit hotels or nap room access, and baggage transfer services

Published on: Aug 24, 2022, 17:09:08 IST

By HT News Desk | Edited by Aryan Prakash

Prefer HTon Google

Share via

Copy link

Airport service aggregator Dreamfolks Services Limited's initial public offering (IPO) opened for subscription. The issue will conclude on Friday, i.e August 26. The IPO has been oversubscribed 1.45 times as of 3.25 pm, the Mint quoted Bombay Stock Exchange data.

Dreamfolks IPO opened for subscription on Wednesday and will continue till Friday.  (Representative Photo)

The retail investors category was overbooked 6.57x and non institutional investors (NII) bid 0.66x, the Bombay Stock Exchange data stated. The IPO is out with a price band of ₹308-326 per share.

Earlier, the IPO had received bids for 1,03,46,872 shares against 94,83,302 shares on offer, translating into 1.09 times subscription, according to data available with the National Stock Exchange till 1:48 pm, PTI quoted the NSE website.

This comes a day after Dreamfolks Services raised ₹253 crore from the anchor investors. It has decided to allot 7.76 crore shares to the anchor investors at a price of ₹326 per share, the BSE website circular stated.

The Initial Public Offering (IPO) is entirely an Offer-For-Sale (OFS) of up to 1.72 crore equity shares by promoters -- Liberatha Peter Kallat, Dinesh Nagpal and Mukesh Yadav.

The public issue will constitute 33 per cent of the post offer paid-up equity share capital of the company.

DreamFolks facilitates consumers' access to airport-related services like lounges, food and beverages, spa, meet and assist airport transfer, transit hotels or nap room access, and baggage transfer services.

The company's revenue from operations increased from ₹98.7 crore during fiscal 2017 to ₹367.04 crore in fiscal 2020 at a compounded annual growth rate of 55 per cent.

Equirus Capital and Motilal Oswal Investment Advisors are the book running lead managers to the issue.

(With PTI inputs)

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Stay updated with the latest Business News on Petrol Price, Gold Rate, Silver Rates, Diesel Prices along with Income Tax Calculator