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On the Final Day of Bidding, the DreamFolks IPO was Subscribed to About 57 Times.

by NIsha Jain
August 26, 2022
in News, Tech
Reading Time: 1 min read
0
On the Final Day of Bidding, the DreamFolks IPO was Subscribed to About 57 Times.
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On Friday, the third and final day of the bidding process, DreamFolks Services’ initial public offering (IPO) worth up to Rs 562 crore was subscribed to 56.7 times the shares on sale. DreamFolks, an airport service aggregator platform, had a strong reaction from individual investors.

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According to provisional exchange data, by the end of the day, the issue had received bids for a total of 53.7 crore shares, as opposed to the 94.8 lakh shares on offer.

DreamFolks IPO subscribed almost 57 times on final day of bidding
CNBC TV18

The IPO was purely an offer for sale (OFS) by existing shareholders, which meant that the company would get no revenue from the offering.

After an 11-week hiatus, DreamFolks Services is the second primary market offering to reach the Street.
Under the IPO, potential investors could bid for DreamFolks shares in multiples of 46 at a price range of Rs 308-326. For bidders, this meant that one lot of shares was valued Rs 14,168-14,996.
According to brokers, DreamFolks commanded a premium of up to Rs 85 ahead of the IPO. The unauthorized market for unlisted securities is known as the grey market.

Discover what the grey market is all about.

Dreamfolks Services received Rs 253 crore from anchor investors such as Societe Generale, BNP Paribas Arbitrage, Saint Capital Fund, Aditya Birla Sun Life Mutual Fund, Sundaram Mutual Fund, and PNB Metlife India on Tuesday by issuing 7.8 crore shares at Rs 326 each.

 

 

Tags: #IPO_Launch57 timesdreamfolksSubscribed
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