DAM Capital Advisors IPO: Grey Market Premium Surges as Subscriptions Soar on Day 2

Subscription Frenzy Grips DAM Capital Advisors IPO

The buzz around DAM Capital IPO is hard to miss. Just two days into the bidding process, the public offering worth ₹840.25 crore already looks like this year’s blockbuster. Priced between ₹269 and ₹283 per share, with a retail-friendly lot size of 53 shares, investor appetite has smashed expectations. Data shows the offering was subscribed a staggering 81.88 times by Day 2, with retail applicants and non-institutional investors (NIIs) leading the charge. For a stock market that often sees lukewarm interest, these numbers jump off the page.

Retail investors, who could apply for up to 689 shares—amounting to ₹194,987 at the top end—were especially keen, pushing subscription to 1.61 times the available shares. NIIs aren’t far behind, clocking in at 1.02 times. Qualified Institutional Buyers (QIBs), usually seen as the heavyweight participants, were quiet at the start. But given the pick-up in retail and NII applications, market watchers expect QIB applications to pour in as the deadline looms.

Grey Market Premium and Analyst Backing Signal Confidence

While retail and NII interest is off the charts, the action in the grey market is just as telling. Unlisted shares of DAM Capital have been trading at a grey market premium of ₹143 over the upper band of the IPO price— a massive 53.7% markup. When the GMP climbs to these levels before listing, it’s a strong hint that investors see big upside potential, at least in the short term.

But why this rush? Market experts, including analysts at Anand Rathi, have publicly advised investors to subscribe to the IPO. The main reason: DAM Capital Advisors’ strategic push for growth. Beyond its core business, the company is eyeing expansion into fee-based services and developing partnerships on the global stage. This means the IPO, even though it’s a pure offer-for-sale (OFS) and all proceeds go to existing shareholders, is being viewed as a gateway to future growth by many in the stock market.

By the time trading opens on December 27 on the BSE and NSE, all eyes will be on the listing price and day one returns. The IPO includes a total of 59.38 million shares, and the overwhelming demand suggests DAM Capital Advisors has struck the right chord with the investing crowd, setting a benchmark for upcoming floats.