Investment bank DAM Capital Advisors has filed preliminary papers with capital markets regulator SEBI to float an initial public offering (IPO).

The IPO is solely an offer-for-sale (OFS) of 3.2 crore equity shares, with no fresh issue component, according to the draft red herring prospectus (DRHP) filed on Tuesday.

Those selling shares in the OFS are promoter Dharmesh Anil Mehta, investors Multiples Alternate Asset Management, RBL Bank, Easyaccess Financial Services and Narotam Satyanarayan Sekhsaria.

Since the entire issue is an OFS, all the proceeds from the IPO will go directly to the selling shareholder, rather than to the company.

Explaining the reason for going public, the company said it is aimed at achieving the benefit of listing equity shares on the stock exchanges and carrying out OFS for the selling shareholders.

DAM Capital Advisors provides a wide range of financial solutions in areas of investment banking comprising equity capital markets (ECM), mergers and acquisitions (M&A), private equity (PE), and structured finance advisory; and institutional equities comprising broking and research.

Headed by Mehta, DAM Capital Advisors' revenue has grown at a CAGR of 38.77 per cent from fiscals 2022 to 2024. It is one of the leading investment banks in India with a market share of 12.1 per cent based on the number of IPOs and qualified institutional placements undertaken by it as the book running lead manager in fiscal 2024, according to a CRISIL report.

Nuvama Wealth Management is the sole merchant banker for the issue.

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