DAM Capital Limited IPO

Final Verdict

Applying For Reasonable-Big Listing Gains And Long-term 

Highlights of the Issue :

Date : 19-23 December
Price Band : 269-283

Size : 840 Cr
(Full OFS)

M.cap : 2,000 Cr

Objects Of The Issue :

To Carry Out The Offer For Sale For Promoters And Investors And Achieve The Benefits Of Listing The Shares On Exchanges

Key Pointers :

▪︎ DAM Capital Is A Leading Investment Banker And Also Provides Institutional Broking And Research Services 

▪︎ DAM Has Executed 72 ECM Transactions Which Include 27 IPOs, 16 QIPs, 8 Buybacks, 6 OFS, 6 Preferential Issues, 4 Rights Issues, 4 Open Offers And 1 REIT IPO

▪︎ Few Of DAM Capital's Major IPOs Include Mazagon Dock, IRFC, Mapmyindia, Metro Brands, Syrma SGS, Kaynes Technologies, Avalon Tech, JSW Infra, Ixigo, Bansal Wire, Afcons And Recently Listed Mobikwik

▪︎ DAM Capital's Future Pipeline Of IPOs Include Sanathan Textiles, TruAlt Bioenergy, JSW Cement, All Time Plastics, Anand Rathi Shares, Euro Pratik, Innovatiview And Is Working On Around Three Dozen Mandates

▪︎ DAM Capital Aspires To Venture In AIF (Alternative Investment Fund), Retail Broking And Is Actively Evaluating Global Partnership With A Foreign Banker To Facilitate International M&A

▪︎ DAM Capital Also Concluded A Secondary Placement of 360 Cr Post Filing RHP

Investors Include :

– TIMF Holdings
– SBI General Insurance
– Ashoka India Equity
– Enam Group
– VQ Fastercap (Ravi Dharamshi)
– Dhaval Parikh (Prasol Chemicals)
– Mukul Mahavir Agrawal
– Vikas Khemani
– Vanaja Sundar Iyer
– Nikhil Vora (Sixth Sense)
– Utpal Sheth
– Jagdish Master
– Maithan Alloys Limited
– Jupiter Trust
– Malpani Retail Pvt.
– NABS Vriddhii LLP
– Sushma Anand Jain (Jai Corporation)
– Tibrewala Electronics Limited 
– Madhu Silica Private Limited
– RMARM Holdings
– Govindlal M Parekh
– Alpna Enterprises
– Shakti Finvest
– Akshat Greentech 
– Ravikumar Sanwalka
– Ketan Sheth

All In All Almost 60% Of The Equity Has Changed Hands And Now Capital Structure Will Look Like :
Dharmesh Anil Mehta - 40%
Public Shareholders - 60%

Forward Projections :

FY23
Rev : 85 Cr
PAT : 8.7 Cr

FY24
Rev : 156.8 Cr 
PAT : 70.5 Cr 

H1 FY25
Rev : 107.8 Cr
PAT : 43.8 Cr

H2 FY25E*
Rev : 158 Cr
PAT : 69.5 Cr

FY25E*
Rev : 266 Cr
PAT : 114.3 Cr

Giving A 28× FY25E PAT, Fair Price Comes At 453,
Indicating An Upside Of 60%

To Make An Estimate For Such Kind Of A Business Is Not Possible Without Knowing The Future Pipeline, But As FY26 Is Expected To Be Very Strong in Terms Of ECM Raises, A Merchant Banking Business Can Get The Superlative Multiples

Hence A 1st Pure Play I-Banking Company Entering The Public Markets With Attractive Valuations And Strong Outlook Backed By Solid Set of Investors

The Whole Analysis Is Just A Personal View,
Only For Educational Purposes