The capital markets regulator SEBI has approved the IPO of DAM Capital Advisors, a boutique investment bank led by seasoned banker Dharmesh Mehta. The IPO will be entirely an offer-for-sale (OFS), with proceeds going to the selling shareholders.
Nuvama Wealth Management is the sole merchant banker for the issue, and Link Intime India is the registrar. DAM Capital has shown strong growth, achieving a revenue CAGR of 38.77% between FY22-24 and recording the highest profit margin in FY24 among peers. The firm held a 12.1% market share in IPOs and QIPs last fiscal year, according to company data.
This marks India’s first public listing by a dedicated boutique investment bank. Since its founding in November 2019, DAM Capital has handled 67 equity market deals, including IPOs and QIPs, and completed 20 advisory transactions involving M&A, private equity, and structured finance.
Key shareholders participating in the OFS include Multiples Alternate Asset Management, Narotam Satyanarayan Sekhsaria, RBL Bank, Easyaccess Financial Services, and founder Dharmesh Mehta, who has over 30 years of capital markets experience and previously served as MD & CEO of Axis Capital.
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