DreamFolks Services' initial public offering (IPO) worth up to Rs 562 crore was subscribed 56.7 times the shares on offer on Friday — the third and final day of the bidding process. The IPO of DreamFolks — an airport service aggregator platform — saw a robust response from retail investors.

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By the end of the day, the issue received bids for a total of 53.7 crore shares as against the 94.8 lakh shares on offer, according to provisional exchange data.

The IPO was entirely an offer for sale (OFS) by existing shareholders, which means the company would not get any proceeds from the issue.

DreamFolks Services' is the second primary market offering to hit the Street after a gap of about 11 weeks.

Potential investors could bid for DreamFolks shares in a price range of Rs 308-326 in multiples of 46 under the IPO. That meant one lot of shares was worth Rs 14,168-14,996 for bidders.

DreamFolks commanded a premium of up to Rs 85 ahead of the IPO, dealers said. Grey market is an unofficial market for unlisted securities.

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On Tuesday, Dreamfolks Services raised Rs 253 crore from anchor investors, including Societe Generale, BNP Paribas Arbitrage, Saint Capital Fund, Aditya Birla Sun Life Mutual Fund, Sundaram Mutual Fund and PNB Metlife India, by allotting 7.8 crore shares at Rs 326 apiece.

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First Published:Aug 26, 2022 2:53 PM IST