Dynamite News Bumper stock market listing for Dreamfolks Services; Read here
It's party time for investors who have subscribed to Dreamfolks Services' as the shares of the company are listed at a strong premium. Read more on Dynamite News:
New Delhi: It's party time for investors who have subscribed to Dreamfolks Services' as the shares of the company are listed at a strong premium. It is listed with a premium of around 56 per cent over its issue price at Rs 508. The price band was set in the range of Rs 308 to Rs 326 per equity share.
At 11.58 am, it traded at Rs 474.55 after erasing some of the early gains. 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.
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Notably, the initial public offering (IPO) was fully subscribed within hours of opening for subscription on August 24. At the end of the three-day window for subscription, the shares were subscribed 56.68 times.
"The debutant is expected to list with handsome gains. We expect Indian indices to remain range bound in the absence of any major global or domestic events," said Mohit Nigam, Head - PMS, Hem Securities. The public issue of the company is entirely an offer for sale, a mechanism that allows promoters to reduce their holdings in listed companies in a transparent manner.
"The company's superb listing can be attributed to positive market sentiments, bright future prospects, and a phenomenal response from investors. The Indian aviation industry is at the cusp of exponential growth in the next two decades due to its demographic advantages, the potential growth in middle-class income, rising business travel, reduced cost of air travel and increased travel in Tier-2 and Tier-3 destinations," said Santosh Meena, Head of Research at Swastika Investmart.
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The company, Meena said, will be one of the biggest beneficiaries of the rising air travel in India due to its first mover advantage and dominant position in the lounge access market and is poised to "grow exponentially" in the future.
"Those who applied for listing gains can maintain a stop loss of Rs 457. Only long-term investors with a moderate to high-risk appetite should enter post-listing," Meena added. (ANI)