Last Updated:
DAM Capital Advisors received the regulator’s observations on December 4 after submitting preliminary paperwork to SEBI in September.
DAM Capital Advisors
The Securities and Exchange Board of India (SEBI) has granted its approval for the initial public offering (IPO) of DAM Capital Advisors, making it the first-ever public issue by a pure-play boutique investment bank in the country. The IPO will consist entirely of an offer-for-sale (OFS) of 3.2 crore equity shares, as detailed in the company’s Draft Red Herring Prospectus (DRHP).
According to the update, DAM Capital Advisors received the regulator’s observations on December 4 after submitting preliminary paperwork to SEBI in September.
The offering will not involve any fresh issue of shares, meaning all proceeds will directly benefit the selling shareholders. Promoter Dharmesh Mehta, along with Multiples Alternate Asset Management, RBL Bank, Easyaccess Financial Services and Narotam Satyanarayan Sekhsaria, will divest their stakes through this OFS.
DAM Capital Advisors, established in November 2019 by Dharmesh Mehta, specialises in investment banking services, including equity capital markets, mergers and acquisitions, private equity and structured finance advisory. It also operates in the institutional equities segment, offering broking and research services.
Since its inception, DAM Capital has facilitated 67 equity market transactions, such as IPOs and qualified institutional placements. (QIPs), alongside 20 advisory deals spanning mergers and acquisitions, and private equity. According to a Crisil report, the company held a 12.1% market share in IPOs and QIPs in the 2024 fiscal.
The company has recorded a compound annual growth rate (CAGR) of 38.77% in revenue between FY22 and FY24. Additionally, DAM Capital reported the highest profit margin among its peers in FY24, according to a report in Moneycontrol.
Nuvama Wealth Management will act as the sole merchant banker for the IPO, while Link Intime India has been appointed as the registrar for the issue.
Through this public listing, DAM Capital aims to enhance its brand visibility while providing an exit route for its existing shareholders. With SEBI’s approval granted on December 4, the company is now poised to move ahead with its plans to go public.
