DreamFolks Services IPO Opens Today: The initial public offering of airport service aggregator platform DreamFolks Services will open for subscription today, August 24. The Rs 562 crore-IPO consists of an offer for sale of up to 1.72 crore shares by the promoters and selling shareholders. Bids can be made for a minimum of 46 shares and in multiples of 46 shares thereafter. The proposed primary offering is open for subscription till Friday, August 26.
DreamFolks Services claimed to be India’s largest airport service aggregator platform. It has an asset-light business model which integrates global card networks operating in India, credit card and debit card issuers, and other corporate clients including airline companies.
DreamFolks Services IPO: Price band
DreamFolks Services has fixed a price band at Rs 308 and Rs 326 per share for the offer.
DreamFolks Services IPO: Lot Size
Investors can bid for a minimum of 46 equity shares and in multiples of 46 shares thereafter. Hence, retail investors are eligible to apply for minimum shares worth Rs 14,996 per lot, and the maximum investment by them would be Rs 1,94,948 for 13 lots. They are allowed to invest up to Rs 2 lakh in the issue.
DreamFolks Services IPO: Objective
As it is an offer-for-sale issue, DreamFolks Services will not receive any money through IPO. All the funds, excluding issue expenses, will go to selling shareholders. Hence, the object of the offer is just to carry out the offer for sale with the benefits of listing the equity shares on stock exchanges.
DreamFolks Services IPO: Financials
DreakFolks clocked a profit at Rs 16.25 crore for the year ended March 2022, against a loss of Rs 1.45 crore in the previous year impacted by the second Covid wave, but down considerably compared to a profit of Rs 31.68 crore in FY20.
Consolidated revenue from operations for the FY22 stood at Rs 282.50 crore, increasing by 167.4 percent due to low base in previous year, while the revenue in FY20 was at Rs 367 crore.
The lounge fee contributed a vast majority of its revenues from operations, contributing 98.68 percent in FY22, 97.25 percent in FY21 and 98.82 percent in FY20.
DreamFolks Services IPO: Promoters
It is 100 per cent owned by promoters. Liberatha Peter Kallat and Dinesh Nagpal hold 33 per cent shareholding each in the company, and the remaining 34 percent stake is held by Mukesh Yadav.
Liberatha Peter Kallat, the Chairperson and Managing Director of the company, has significant experience in the hospitality industry. She has worked with Indian and global multinational companies such as Indian Hotels Company.
Other promoters Mukesh Yadav and Dinesh Nagpal are Non-Executive Directors on the board.
Balaji Srinivasan is an Executive Director on the board, while Sharadchandra Damodar Abhyankar, Mario Anthony Nazareth, Aditi Balbir, and Sudhir Jain are Independent Directors.
The company provides airport-related services including lounges, food and beverage, spa, meet and assist, airport transfer, and baggage transfer.
DreamFolks Services IPO: Share Allotment and Listing Dates
DreamFolks is going to finalise the IPO shares allotment by September 1. Post which, the refunds will be credited to the bank accounts of unsuccessful investors by September 2 and the eligible investors will receive shares in their Demat accounts by September 5.
It will make its debut on the BSE and NSE on September 6.