Airport services aggregator DreamFolks Services’ three-day initial public offering (IPO) was subscribed 56.68 times on its most recent subscription day, which ended on August 26. The issue received bids for 53,74,97,212 shares versus 94,83,302 shares on offer, according to stock market data.
The initial stock sale was entirely an Offer to Sell (OFS) by 1.72.42.368 stock promoters Liberatha Peter Kallat, Dinesh Nagpal and Mukesh Yadav. The public offering will represent 33% of the Company’s paid-up share capital after the offering. DreamFolks Services had raised €253 crore from anchor investors ahead of the public offering which opened on August 24, 2022 and was priced in the range of €308-326 per share.
The Qualified Institutional Buyers (QIBs) portion received 70.53 times subscriptions, the Retail Investors category 43.66 times and Non-Institutional Investors (NIIs) 37.66 times.
Stocks of DreamFolks Services demand a premium (GMP) of €98 in the gray market today, according to market watchers. The company’s shares are expected to list on the BSE and NSE stock exchanges next week on Tuesday 6th September 2022.
Finalization of the basis of the Dreamfolks Services IPO share allotment is expected to take place on Thursday, September 1, 2022 and if the shares are allotted, the shares will be credited to bidders’ accounts on Monday, September 5. The registrar for this IPO is Link Intime India Private Ltd therefore the application for allocation can be checked on the registrar’s website here or on the BSE website here.
DreamFolks enables passengers to have an enhanced airport experience by leveraging its technology-driven platform. The company’s asset-light business model integrates global and national networks, credit and debit card issuers and other corporate customers, including airlines, with various airport lounge operators and other airport-related service providers on a unified technology platform.
According to Axis Capital’s report, Dreamfolks Services’ dominant position in the industry allows them, through their unique value proposition, to create interdependencies for their service offerings that allow them to attract new customers and operators, helping them to strengthen their position in the further strengthen the market.
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