DAM Capital Advisors Gets SEBI Nod for IPO Offering

DAM Capital Advisors has received SEBI approval to go public with an offer-for-sale IPO of 3.2 crore shares. The proceeds will go to existing shareholders, not the company. A leading investment bank in India, DAM Capital provides solutions in investment banking and institutional equities.

Investment bank DAM Capital Advisors has been granted approval by the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO), as updated by the markets regulator on Tuesday.

The IPO will be solely an offer-for-sale (OFS) of 3.2 crore equity shares, with no new shares issued, according to the draft red herring prospectus (DRHP).

Promoter Dharmesh Anil Mehta and investors including Multiples Alternate Asset Management, RBL Bank, Easyaccess Financial Services, and Narotam Satyanarayan Sekhsaria are selling shares in this OFS.

As the entire issue is an OFS, the IPO's proceeds will go directly to the selling shareholders rather than benefiting the company itself.

DAM Capital Advisors, which filed initial documents with SEBI in September, received the regulator's observations on December 4, which signifies approval to move forward with the public offering.

The draft papers indicated the company's intent to go public aims to achieve listing benefits and facilitate share sales by current shareholders through the OFS.

Offering a broad range of financial solutions, DAM Capital Advisors' services encompass investment banking, equity capital markets, mergers and acquisitions, private equity, structured finance advisory, and institutional equities broking and research.

Under Dharmesh Anil Mehta's leadership, DAM Capital has rapidly grown, reporting a 38.77 percent revenue CAGR from fiscal 2022 to 2024, establishing itself as a leading investment bank with a 12.1 percent market share based on IPOs and qualified institutional placements in 2024, per CRISIL.

Nuvama Wealth Management is acting as the sole merchant banker for the issue.

Meanwhile, SEBI has returned the draft IPO documents of M&B Engineering as of December 5, although these too were filed in September, according to the update.

(With inputs from agencies.)