Shares of airport service aggregator platform Dreamfolks Services made a positive stock market debut on Tuesday with the stock listing at ₹508 apiece on the NSE, a premium of more than 56% as compared to its IPO issue price of ₹326 per share. On the BSE, Dreamfolks Services shares started trading at ₹505 apiece.
The three-day initial Public Offer (IPO) of DreamFolks Services was subscribed 56.68 times on the last day of its subscription that closed on August 26. The issue received bids for 53,74,97,212 shares against 94,83,302 shares on offer, as per the exchanges data.
The initial share sale was entirely an offer for sale (OFS) of 1,72,42,368 equity shares by promoters Liberatha Peter Kallat, Dinesh Nagpal and Mukesh Yadav. The public issue constituted 33% of the post offer paid-up equity share capital of the company.
DreamFolks Services had raised ₹253 crore from anchor investors ahead of its public issue that opened on August 24, 2022, and was priced in the range of ₹308-326 a share.
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.
DreamFolks is a dominant player and India’s largest airport service aggregator platform (with a share of over 80% in the domestic lounge access market) facilitating an enhanced airport experience to passengers leveraging a technology driven 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.
Equirus Capital and Motilal Oswal Investment Advisors were the book running lead managers to the public issue. Link Intime India Private Ltd was the registrar of the initial share sale.
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