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Airport services aggregator Dreamfolks IPO oversubscribed on Day 1 of bidding

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.

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)


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