Shares of Dreamfolks Services, an airport Service aggregator, made a strong debut on the National Stock Exchange (NSE) and BSE on Tuesday. Dreamfolks Services stock opened at Rs 505 Per share on the BSE, a premium of Rs 179 or 54.91% against the issue price. The company has fixed the upper end of the price band at Rs 326 per share.
Earlier, Zee Business Managing Editor Anil Singhvi said the issue will be listed at a good premium. He said the shares are expected to list in Rs 475-500 range against issue price of Rs 326.
Short term Investors can keep stoploss of Rs 450, the market guru has recommended.
Listing Ceremony of DreamFolks Services Limited at BSE https://t.co/gQocrL1MYL
— BSE India (@BSEIndia) September 6, 2022
Speaking of listing, Aayush Agrawal, Senior Research Analyst, Swastika Investmart Ltd, said DreamFolks Ltd. is a proxy play on the rising air travel in India and due to its first mover advantage and dominant position in the lounge access market, the company is poised to grow exponentially in the future.
“The issue had received a phenomenal response from investors and the subscription levels stood at 56.68 times. A promising and strong listing is on the cards.”
The company had set aside an amount of Rs 421.58% or 75% of the overall issue size of Rs 562.10 crore for Qualified Institutional Buyers (QIBs). Besides, Rs 84.32 crore or 15% of the total shares were earmarked for NIBs. Likewise, the company has kept shares worth Rs 56.21 crore or 10% for retail investors.
The airport Service aggregator had raised Rs 253 crore from anchor investors ahead of its initial share-sale. Societe Generale, BNP Paribas Arbitrage, Saint Capital Fund, Segantii India Mauritius, Kuber India Fund, Smallcap World Fund, Inc, Aditya Birla Sun Life Mutual Fund, Sundaram Mutual Fund, Quant Mutual Fund and PNB Metlife India Insurance Company Limited were among the anchor investors.
The initial public offering of Dreamfolks Services was subscribed 56.68 times on the final day of opening of the issue on Friday. Qualified Institutional Buyers (QIBs) led the subscription with 70.53 times bidding, while Retail Individual Investors (RIIs) subscribed the issue 43.66 times and the Non-Institutional Investors (NIIs) quota was filled over 37.66 times.