Dam Capital Advisors
Book Building issueMainboardNSE₹840 Cr issue
+38.83%
Listing gain over issue price
Issue size
₹840 Cr
1 lot at cut-off
₹14,999
Lot size
53shares
Open
19 Dec 2024
Close
23 Dec 2024
Allotment
24 Dec 2024
Listing
27 Dec 2024
Listing performance
Issue price
₹283
Listed at
₹392.90
Listing-day close
₹415.10
Latest price
₹131.21
Close on 23 Oct 2026
Listing gain
+38.83%
Return since issue
-53.64%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 19 Dec 2024 – 23 Dec 2024
- Listing date
- 27 Dec 2024
- Face value
- ₹2 per share
- Issue price
- ₹283 per share
- Lot size
- 53 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹840 Cr
- Market cap at offer price
- ₹2,000 Cr
- Promoter holding
- 44.38% → 40.00% pre-issue → post-issue
- ISIN
- INE284H01025
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Nuvama Wealth Management Ltd.
- Registered office
- PG-1, Ground Floor, Rotunda Building, Dalal Street, Fort, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 88,86,268 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 53 shares per lot, in multiples, at ₹283
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 53 | ₹14,999 |
| Retail (max) | 13 | 689 | ₹1,94,987 |
| S-HNI (min) | 14 | 742 | ₹2,09,986 |
| S-HNI (max) | 66 | 3,498 | ₹9,89,934 |
| B-HNI (min) | 67 | 3,551 | ₹10,04,933 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
88,86,268
Anchor portion
₹251 Cr
at ₹283 per share
Valuation and performance
Valuation at offer price
₹283 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.98 | 9.98 |
| P/E (×) | 28.36 | 28.36 |
| Price to book (×) | 12.76 | — |
| Market cap | — | ₹2,000 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 44.98%
- PAT margin
- 38.75%
- NAV per share
- ₹22.18
- Price to book
- 12.76
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Dam Capital Advisors
DAM Capital Advisors Limited (formerly IDFC Securities Limited, originally incorporated as S. S. Kantilal Ishwarlal Sharebrokers and Investors Private Limited on May 7, 1993) is a SEBI-registered financial services company operating in India's capital markets. The company was acquired by Dharmesh Anil Mehta and other investors in November 2019. It operates through two primary business segments: (1) merchant banking comprising equity capital markets, mergers and acquisitions, private equity and structured finance advisory; and (2) institutional equities comprising broking and research services. The company generates revenue primarily through advisory fees from merchant banking transactions and brokerage commissions from institutional clients including foreign portfolio investments, mutual funds, and domestic institutional investors.
Company Analysis
from RHPDAM Capital Advisors Limited is a SEBI-registered merchant banking and institutional equities firm providing equity capital markets advisory, M&A, private equity advisory, and broking services to institutional clients in India.
DAM Capital Advisors Limited (formerly IDFC Securities Limited, originally incorporated as S. S. Kantilal Ishwarlal Sharebrokers and Investors Private Limited on May 7, 1993) is a SEBI-registered financial services company operating in India's capital markets. The company was acquired by Dharmesh Anil Mehta and other investors in November 2019. It operates through two primary business segments: (1) merchant banking comprising equity capital markets, mergers and acquisitions, private equity and structured finance advisory; and (2) institutional equities comprising broking and research services. The company generates revenue primarily through advisory fees from merchant banking transactions and brokerage commissions from institutional clients including foreign portfolio investments, mutual funds, and domestic institutional investors.
merchant bankingequity capital marketsmergers and acquisitionsprivate equity advisorystructured financeequity brokingresearch
Objects of the Issue
- Offer for Sale of equity shares by Selling Shareholders and achievement of benefits of listing the Equity Shares on Stock Exchanges Up to ₹[●] million p.24
- Offer for Sale of equity shares by Selling Shareholders and achieve benefits of listing p.102
Issue Structure
- Total Issue
- Up to 29,690,900 Equity Shares of face value of ₹2 each aggregating up to ₹[●] million
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to 29,690,900 Equity Shares of face value of ₹2 each aggregating up to ₹[●] million comprising: Multiples Alternate Asset Management Private Limited - Up to 8,714,400 Equity Shares; Narotam Satyanarayan Sekhsaria - Up to 7,042,400 Equity Shares; RBL Bank Limited - Up to 5,771,000 Equity Shares; Easyaccess Financial Services Limited - Up to 5,064,250 Equity Shares; Dharmesh Anil Mehta - Up to 3,098,850 Equity Shares
- Price Band
- ₹[●] per Equity Share (Floor Price to Cap Price, with Cap Price at least 105% and not greater than 120% of Floor Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹2 each
Business Model
DAM Capital generates revenue through: (i) Advisory fees from merchant banking transactions (IPOs, QIPs, OFS, buybacks, etc.) - 54.98% of total income in H1 FY25; (ii) Brokerage commissions from equity and derivatives trading - 38.56% of total income in H1 FY25; and (iii) Interest income and other income. The company does not receive equity underwriting proceeds but acts as advisors and brokers for institutional clients.
Business Segments
Provides equity capital markets advisory (IPO, QIP, OFS, Rights Issues, Buybacks, Open Offers), mergers and acquisitions advisory, private equity advisory, and structured finance advisory services
Provides broking services and research services for equity and derivatives trading to institutional clients including foreign portfolio investments, mutual funds, domestic institutional investors, financial institutions, and banks
Provides capital markets advisory services including equity capital markets (ECM), mergers and acquisitions (M&A), private equity (PE), and structured finance advisory
Comprises broking and research services for institutional clients on stock exchanges
Equity capital market advisory services including IPO and QIP management
Institutional equities broking and research services
Provides equity capital markets services including management of IPOs, QIPs, REITs, OFS, rights issues and preferential issues, M&A advisory services in relation to domestic and cross-border mergers and acquisitions, and restructuring, private equity investment advisory services and structured finance advisory for capital raising through leveraged products
Provides stock broking services including sales, sales trading and execution capabilities across cash segment including blocks and derivatives segment, and corporate access services arranging investor interactions through conferences, roadshows and expert calls
Provides comprehensive research coverage including fundamental company and sector research, macroeconomic research, and differentiated products such as thematic research, India macro strategy, quarterly previews, weekly insights, institutional fund-flows analysis, India Inc. ownership analysis and bespoke research
Equity research and stock broking services for both cash and derivatives segments, serving Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs). Member of NSE and BSE.
Investment banking and merchant banking services registered as category-I merchant banker with SEBI, providing advisory services, IPO underwriting, Qualified Institutional Placement (QIP), fund raising and structured finance.
Advisory fee income from management of equity issuances, M&A advisory, private equity advisory, structured finance advisory, and fund raising services
Brokerage income from stock trading and broking services for Foreign Institutional Investors and Domestic Institutional Investors
Equity research services covering stocks and sectors for institutional investors
SWOT Analysis
Strengths
- • SEBI-registered across multiple categories with strong regulatory credentials(p.20)
- • Diversified revenue streams from merchant banking and institutional equities(p.20)
- • Strong transaction execution track record since acquisition(p.42)
- • Growing client base in institutional equities segment(p.42)
- • Focus on dynamic and high-growth Indian capital markets(p.20)
- • Strong profitability in recent periods(p.25)
- • Diversified financial services portfolio across merchant banking and institutional equities(p.54)
- • Strong cybersecurity measures and rapid incident response capabilities(p.48)
- • Comprehensive information security infrastructure and backup systems(p.48)
- • Fastest-growing merchant bank in India(p.105)
- • Highest merchant banking revenue as percentage of total income among peers(p.162)
- • Highest total income growth CAGR among peers (38.8%)(p.162)
- • Highest EBITDA growth among peers (73.4% CAGR)(p.162)
- • Exceptional PAT growth (79.4% CAGR FY22-24)(p.162)
- • Strong market position with 12.1% market share in IPO/QIP transactions(p.143)
- • Proven execution with in-depth understanding of sectors and products(p.105)
- • Experienced management and professionals backed by majority independent board(p.105)
- • Fastest growing merchant bank by revenue CAGR (38.77% FY22-24)(p.177)
- • Highest profit margin among peers (38.7% FY24)(p.163)
- • Highest ROE among peers (54.7% FY24)(p.163)
- • Highest revenue per employee among peers (₹16.40 million FY24)(p.164)
- • 12.1% market share in IPO/QIP transactions(p.177)
- • Experienced management with deep domain expertise(p.186)
- • Strong track record in executing landmark transactions(p.177)
- • Improved employee productivity (employee cost declined to 35.9% FY24 from 51% FY22)(p.163)
- • Established market position in stock broking and investment banking(p.232)
- • Strong revenue growth from investment banking advisory services(p.257)
- • Diversified revenue streams across brokerage and advisory(p.263)
- • Improved profitability with strong profit after tax growth(p.229)
- • Low leverage with manageable debt levels(p.251)
Weaknesses
- • Negative operating cash flow in Fiscal 2024(p.39)
- • Past losses in stock broking segment(p.37)
- • High dependence on two primary revenue streams(p.27)
- • Heavy reliance on key managerial personnel and promoter(p.40)
- • Significant employee attrition rates in past periods(p.41)
- • Unable to trace critical historical corporate and statutory records(p.44)
- • Non-recurring nature of merchant banking business(p.42)
- • History of delayed statutory dues payments and associated penalties(p.58)
- • Recurring instances of human error in bid execution and due diligence(p.49)
- • Financial losses from incorrect trade executions(p.49)
- • Dependence on leased premises with renewal uncertainties(p.53)
- • Recent cybersecurity incident involving theft of KYC data(p.48)
- • Contingent liabilities from income tax matters under appeal(p.57)
- • Outstanding litigation involving company and directors(p.55)
- • Reliance on third-party service providers and intermediaries(p.51)
- • Limited experience in prospective business verticals(p.55)
- • Relatively small total income compared to peers(p.162)
- • Minimal revenue diversification with heavy dependence on merchant banking(p.108)
- • High employee cost as percentage of total income(p.111)
- • Significantly lower market capitalization relative to peers(p.107)
- • Smaller absolute scale in number of employees relative to peers(p.111)
- • Significant customer concentration (36.44% top 10 client concentration in broking)(p.184)
- • Relatively small team size (111 employees FY24) vs. larger peers(p.186)
- • Dependence on merchant banking for majority of revenue (67.24% FY24)(p.188)
- • Limited geographic footprint with presence primarily in India(p.178)
- • Historical losses in stock broking segment(p.263)
- • Significant credit impaired receivables requiring allowance(p.243)
- • Dependence on few key officers and management structure(p.215)
- • Employee benefit and gratuity obligations creating provisions burden(p.252)
- • Volatile other financial assets indicating dependency on margin settlement(p.246)
Opportunities
- • Indian capital market growth trajectory(p.20)
- • Expanding capital markets activity(p.20)
- • Growing merchant banking transaction volumes(p.42)
- • Continued growth in institutional equities client base(p.42)
- • Expansion into new lines of business including asset management and retail broking(p.54)
- • Enhanced brand visibility and market presence from listing(p.102)
- • Strong growth in India's ECM issuances with 76 IPOs in FY24(p.138)
- • Rising number of IPO applications with 30 companies approved by SEBI(p.139)
- • Strong PE market activity with increasing deal values across sectors(p.146)
- • Expansion of M&A market with financial services as leading sector(p.148)
- • Growth in debt capital markets with rising corporate bond issuances(p.150)
- • Expansion of institutional equities with rising mutual fund AUM(p.155)
- • Increased demat account growth providing larger retail investor base(p.135)
- • Strong economic growth supporting increased capital raising activity(p.120)
- • India GDP projected to nearly double by FY2030(p.177)
- • Record levels in Indian equity market capitalization(p.177)
- • Expansion into new economy sectors (tech, AI, clean energy, semiconductors, data centres)(p.187)
- • Addition of new merchant banking products (InvITs, offshore listings, venture capital, cross-border M&A, debt capital markets)(p.187)
- • Expansion of research coverage and institutional equities platform(p.187)
- • Growing pipeline from PE-funded companies taking IPO route(p.186)
- • Expansion of asset management business through new subsidiary(p.232)
- • Growing investment banking advisory fee income(p.257)
- • International presence through USA subsidiary for global expansion(p.232)
- • Strong cash position supporting growth initiatives(p.243)
- • Institutional investor base providing stable revenue from FIIs and DIIs(p.232)
Threats
- • Highly regulated industry with frequent compliance requirements(p.32)
- • Market dependency of merchant banking and equities business(p.30)
- • Regulatory inspections and potential penalties(p.32)
- • Brokerage fee pressure(p.37)
- • Macroeconomic and inflation pressures(p.38)
- • Intense competitive pressure in the industry(p.42)
- • Geopolitical and global economic uncertainties(p.34)
- • Operational and research accuracy risks(p.45)
- • Risk from SEBI's proposed amendments to Merchant Bankers Regulations affecting business classification(p.54)
- • Regulatory pressure from SEBI circular on equity index derivatives framework reducing trading volumes(p.57)
- • Dependence on NSE and BSE for institutional equities business operations(p.57)
- • Exposure to evolving and complex regulatory requirements across multiple jurisdictions(p.61)
- • Dependence on Indian economy and international market volatility(p.60)
- • Risk from potential downgrade of India's sovereign debt rating affecting borrowing costs(p.61)
- • Covenant restrictions from financing arrangements limiting operational flexibility(p.47)
- • Risk from failure or inadequacy of risk management systems in identifying emerging risks(p.47)
- • Risk from cyber-attacks and data breaches affecting business operations and reputation(p.48)
- • Competition law scrutiny and potential enforcement actions affecting business practices(p.62)
- • Intense competition from larger, established merchant banks and brokers(p.142)
- • Geopolitical tensions and global economic uncertainty(p.160)
- • Risk of market downturns affecting equity issuance activity(p.160)
- • Rising interest rates making debt instruments more attractive(p.160)
- • Potential increase in regulatory requirements and compliance costs(p.161)
- • Risk of foreign investor capital flight due to external shocks(p.160)
- • Potential M&A deal volume decline from CY22 peak(p.148)
- • Risk of PE deal volume reduction if investment appetite cools(p.145)
- • Intense competition from larger, better-capitalized competitors(p.191)
- • Market cyclicality and volatility affecting capital markets transactions(p.191)
- • Regulatory risk and evolving compliance requirements(p.38)
- • Dependence on information technology and cyber security risks(p.45)
- • Operational risks in research and advisory services(p.41)
- • Liquidity requirements for equity broking operations(p.42)
- • Volatility in investment banking fees dependent on market activity(p.263)
- • Competition and margin compression in stock broking business(p.263)
- • Regulatory and tax contingencies(p.264)
- • Foreign exchange fluctuations from USA subsidiary operations(p.270)
- • Liquidity risk from significant stock exchange margin requirements(p.243)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dharmesh Anil Mehta | Promoter/Promoter Selling Shareholder | 26.26% | — |
| Sonali Dharmesh Mehta | Promoter | 8.92% | — |
| Boombucket Advisors Private Limited | Promoter/Corporate Promoter | 10.71% | — |
| Dharmesh Anil Mehta | Promoter | 26.26% | — |
| Sonali Dharmesh Mehta | Promoter Group (jointly with Dharmesh Anil Mehta) | 8.92% | — |
| Boombucket Advisors Private Limited | Promoter (Dharmesh Anil Mehta and Sonali Dharmesh Mehta are directors) | 10.71% | — |
| Dharmesh Anil Mehta | Promoter | — | — |
| Boombucket Advisors Private Limited | Promoter Group | — | — |
| Dharmesh Anil Mehta | Promoter | 26.26% | — |
| Sonali Dharmesh Mehta | Promoter | 8.92% | — |
| Boombucket Advisors Private Limited | Promoter Group | 10.71% | — |
| Narotam Satyanarayan Sekhsaria | Promoter | — | — |
| Dharmesh Anil Mehta | Promoter Selling Shareholder | — | — |
| Boombucket Advisors Private Limited | Promoter Group | — | — |
| Narotam Satyanarayan Sekhsaria | Investor Selling Shareholder | — | — |
Leadership
Dharmesh Anil Mehta · Promoter and Managing Director/Chief Executive Officer
Jateen Madhukar Doshi · Whole Time Director
M V Nair · Chairman/Independent Director
Hitesh Mahendrakumar Desai · Chief Financial Officer
Rajesh Tekadiwala · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Dam Capital Advisors IPO FAQs
What is the lot size of Dam Capital Advisors IPO?
The minimum lot size of Dam Capital Advisors IPO is 53 shares. One lot costs ₹14,999 at the cut-off price.
When does Dam Capital Advisors IPO open and close?
Dam Capital Advisors IPO opened for subscription on 19 Dec 2024 and closed on 23 Dec 2024.
What is the listing date of Dam Capital Advisors IPO?
Dam Capital Advisors IPO listed on 27 Dec 2024.