27 Aug , 2022 By : Kanchan Joshi
The three-day initial Public Offer (IPO) of airport service aggregator DreamFolks Services was subscribed 56.68 times on the last day of its subscription on Friday, August 26, receiving bids for 53,74,97,212 shares against 94,83,302 shares on offer. The portion meant for Qualified Institutional Buyers (QIBs) received 70.53 times subscription, the category for retail investors was bid 43.66 times and non-institutional investors (NIIs) 37.66 times.
The initial share sale, which was entirely an offer for sale (OFS) of 1,72,42,368 equity shares, was priced in the range of ?308-326 a share. DreamFolks Services had raised ?253 crore from anchor investors ahead of its public issue that opened on Wednesday, August 24, 2022.
The finalization of basis of share allotment of Dreamfolks Services IPO is expected to take place next week on Thursday, September 1, 2022 and if allotted, then the credit of shares to demat account of bidders will be done on Monday, September 5. The registrar for this IPO is Link Intime India Private Ltd, therefore the allotment application can be checked on the registrar's website here or on the BSE website here.
Shares of DreamFolks Services are commanding a premium (GMP) of ?80 in the grey market today, as per market observers. The shares of the company are expected to list on stock exchanges BSE and NSE on Tuesday, September 6, 2022.
DreamFolks facilitates an enhanced airport experience for passengers, leveraging its technology-driven platform. The company's asset-light business model integrates global and domestic networks, credit card and debit card issuers and other corporate clients, including airline companies, with various airport lounge operators and other airport-related service providers on a unified technology platform.
As at March 31, 2022, Dreamforks had 50 Clients including the Card Networks and many of India’s prominent Card Issuers. As of March 31, 2022, 9.79 million Paxes, cumulatively, had availed of their services, since Fiscal 2020.
According to Axis Capital report, given Dreamfolks Services' dominant position in the industry enables them to create interdependencies for their service offerings through their unique value proposition enabling them to attract newer clients and operators, which helps them further strengthen their position in the market.
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