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19 Nov 2024
DAM Capital Advisors, led by veteran banker Dharmesh Mehta, is set to make history by filing for India's first initial public offering (IPO) by a boutique investment bank.
The company plans to submit draft papers to the Securities and Exchange Board of India (SEBI) soon, with expectations of raising between ₹800 crore and ₹1,200 crore through a pure offer for sale (OFS).
Founded in November 2019, DAM Capital has quickly established itself in the investment banking sector, advising on over 25 IPOs and various other financial transactions.
The firm has a strong track record, having executed significant deals such as the IPOs for JSW Infra and IRFC, and notable mergers and acquisitions, including the stake sale of Sterling & Wilson Renewable Energy to Reliance Industries.
With the capital raised from the IPO, DAM Capital plans to expand its services into wealth management and other financial sectors, positioning itself to compete with established players like ICICI Securities and Motilal Oswal.
The firm has already appointed Nuvama Wealth Management as the sole book-running lead manager for the IPO process. The successful launch of DAM Capital's IPO could set a precedent for future boutique investment banks in India, marking a notable evolution in the country's financial landscape.
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