Shares of DreamFolks Services Ltd. surged on listing on Tuesday after investors piled into its initial public offering.
The stock of the Indian airport aggregator platform listed at Rs 505 apiece on BSE, a premium of about 55% to its IPO price of Rs 326 a share. On the National Stock Exchange, DreamFolks’ shares debuted at Rs 508.70, a premium 56%.
The scrip hit an intraday high of Rs 550 on the BSE, a gain of almost 69% to its IPO price. It later pared some gains to close at Rs 462.65 apiece, 41.9% higher than its IPO price but 8.4% lower than its listing price.
The Rs 562.10-crore IPO—subscribed more than 56 times—garnered a huge demand from institutional investors on its final day of subscription. That was followed by retail investors.
The IPO was entirely an offer for sale of up to 1.72 crore equity shares by promoters Liberatha Peter Kallat, Dinesh Nagpal and Mukesh Yadav, constituting 33% of the paid-up equity share capital of the company post the offer, according to the red herring prospectus.
The price band was fixed at Rs 308-326 apiece.