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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
The money raised through the Offer for Sale goes to existing investors, not the company.
(₹ in Crore)
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DAM Capital Advisors Limited is an Indian investment bank offering merchant banking and institutional equities services. Its merchant banking practice spans equity capital markets, mergers and acquisitions, private equity advisory and structured finance advisory, while its institutional equities arm covers broking and research for domestic and global institutional investors. The company traces its roots to 1993, was acquired by the IDFC group in 2006, and was taken over by its current management team led by Dharmesh Mehta in 2019 before being rebranded as DAM Capital Advisors in 2020. The firm is one of the more prominent players among India's boutique merchant banks, ranking among the leaders by number of IPOs and qualified institutional placements it has run as a book running lead manager in recent years. It operates with a relatively small, senior team, with a meaningful share of its merchant banking professionals carrying many years of capital markets experience, and it has built a track record of executing a large number of primary market transactions. As a listed entity, DAM Capital was one of the first standalone, boutique investment banks in India to go public, with the offer structured entirely as a sale of existing shares by its promoters and other shareholders rather than a fresh capital raise, reflecting the asset-light, people-driven nature of the merchant banking business.
Ahead of the offer opening, DAM Capital Advisors raised about Rs 251 crore from anchor investors by allotting roughly 88.86 lakh shares at the upper price band of Rs 283 per share. Global institutions including Nomura, Goldman Sachs, HSBC Global and Neuberger Berman participated alongside domestic mutual funds such as HDFC Mutual Fund, Nippon Life India, Kotak Mahindra and Aditya Birla Sun Life.
Source: RHP • Analysis provided for informational purposes
Last Updated: 14 July 2026, 5:30 AM
Fast-growing, high-margin merchant bank
Revenue grew rapidly over FY22 to FY24 and the company posted one of the highest profit margins among listed peers in FY24.
Meaningful market share in ECM league tables
The firm ranks among the leading book running lead managers in India by number of IPOs and QIPs executed in recent years.
Experienced, senior-heavy team
A significant portion of the merchant banking team has many years of capital markets experience, supporting execution on complex transactions.
Diversified financial services offering
The business spans investment banking (ECM, M&A, private equity and structured finance advisory) as well as institutional equities broking and research.
Asset-light, capital-efficient model
As a fee and commission driven advisory business, the company carries little debt and generates high returns on a comparatively small capital base.
Regulatory and licensing dependence
The business depends on merchant banking and broking licenses and registrations, and changes in regulation could disrupt operations.
Revenue concentration in advisory and brokerage fees
A large share of revenue comes from advisory and brokerage fees, which are sensitive to primary market activity and trading volumes.
Sensitivity to capital market cycles
Weak or volatile equity markets can reduce IPO, QIP and M&A deal flow, directly affecting revenue.
DAM Capital Advisors Limited
PG 1, Rotunda Building, Ground Floor, Dalal Street, Fort, Mumbai 400001, Maharashtra
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Operational and technology risk
The company relies on IT systems for trading and research operations, exposing it to cyber and operational disruption risk.
Reliance on third parties and key personnel
The business depends on third-party vendors and a relatively small senior team, so key-person or vendor disruption could affect service delivery.