DreamFolks Services IPO to open on 24 August: All you need to know

The public issue of DreamFolks Services opens for subscription tomorrow, 24 August. The initial public offering of DreamFolks Services will remain open till 26 August. The bidding will be open for anchor investors today. The shares are being offered to investors in the price band of Rs 308.00-326.00 per equity. At the upper end of the price band, the public issue of DreamFolks Services is expected to fetch Rs 562 crore. This is the second IPO to be launched in August after Syrma SGS Technology. The public issue of DreamFolks Services consists of an offer for sale of up to 1.72 crore shares by promoters Mukesh Yadav, Libertha Peter Kallat and Dinesh Nagpal. The OFS will see Mukesh Yadav and Dinesh Nagpal offloading 65.31 lakh equity shares each. Libertha Peter Kallat will sell 41.79 lakh equity shares.

The money from the proceeds of the DreamFolks Services IPO will go to the selling shareholders. Since it is an offer for sale, the money from the public issue cannot be utilised by the company.

Lot size:

Investors can bid for a minimum of 46 shares, or its multiples thereof. Bidders will need to shell out a maximum of Rs 14,996 for one lot. Retail investors can buy a maximum of 13 lots for Rs 1, 94,948.

Book running lead managers:

The book running lead managers of DreamFolks IPO are Equirus Capital Private Limited and Motilal Oswal Investment Advisors Limited. Link Intime India is the registrar of the DreamFolks Services IPO.

The shares of DreamFolks Services are likely to be allotted on 1 September. The shares will be listed on the BSE and NSE on 6 September.

Other details:

As per the red herring prospectus, 75 percent of the public issue will be reserved for Qualified Institutional Buyers (QIB). Moreover, “5% of the Net QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis only to Mutual Fund.” Of the remaining issue, 15 percent will be set aside for Non-Institutional Investors and 10 percent for retail investors.

Company profile:

DreamFolks Services is India’s largest airport service aggregator platform, as per the Red Herring Prospectus. It provides airport related services such as airport transfer, baggage transfer, spa, lounges, food and beverages and more. Established in 2003, it is 100 percent owned by promoters. Mukesh Yadav has a stake of 34 percent, while Dinesh Nagpal and Liberatha Peter Kallat hold 33 percent each.

DreamFolks Services’ asset-light business model integrates global card networks operating in India with “with various airport lounge operators and other airport related service providers (collectively, the Operators) on a unified technology platform.” The company earned a profit of Rs 16.25 crore for the year ended March 2022 against a loss of Rs 1.45 crore in the previous year.

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