Dreamfolks Services' IPO fully subscribed within hours of opening

Mumbai (Maharashtra) [India], August 24 : The initial public offer (IPO) of the country's largest airport service aggregator Dreamfolks Services was fully subscribed within hours of opening for subscription on Wednesday.
The IPO opened for subscription on Wednesday morning and will close on August 26.
Retail investors led the subscriptions. According to data available with the NSE, Dreamfolks Services's IPO was subscribed 1.09 times till 1.48 pm. The retail portion was subscribed 5.39 times while the non-institutional investors' portion got subscribed 41 per cent.
The price band has been set in the range of Rs 308 to 326 per equity share of the face value of Rs 2 each. The floor price is 154 times the face value of the equity shares and the cap price is 163 times the face value of the equity shares.
The public issue is entirely an offer for sale (OFS) of up to 17.24 million equity shares. So the company will not receive any proceeds from the offer.
Bids can be made for a minimum of 46 equity shares and in multiples of 46 equity shares thereafter.
Dreamfolks Services is touted as India's largest airport service aggregator platform. It has an early mover advantage in the airport services aggregator segment. It claims to control 95 per cent market share in the segment.
In the grey market, the unofficial platform for trading in IPO shares, the company enjoyed 20 per cent premium as on Wednesday morning.
Out of the total shares offered for sale, 75 per cent is reserved for qualified institutional investors (QIB). The remaining 10 per cent is reserved for retail investors and 15 per cent for non-institutional investors.