DreamFolks is India’s largest airport lounge services aggregator having tie-ups with the likes of Diner’s Club, HDFC Bank, GoFirst and many more.
DreamFolks Services has set its initial public offering’s price band at Rs 308-326 per share. The company said that the issue will be open for subscription from 24th to 26th August. The anchor portion will open for bidders on August 23.
The airport lounge aggregator has brought its offer-for-sale portion down to 1.72 crore shares from the previous 2.18 crore shares with up to 65 lakh shares each of Mukesh Yadav and Dinesh Nagpal and up to 40 lakh units owned by Liberatha Peter Kallat.
The company seeks to raise Rs 562.10 crores from its upper price band.
The applicants will have their allotted shares credited to their Demat accounts by the 5th of September and the company hopes to be listed on all exchanges on the following day, the 6th of September.
Dreamfolks Services is India’s largest airport service aggregator platform, powering an enhanced airport experience using technology. The sector is expected to rapidly grow, as India plans to open airports in newer cities along with passenger growth of 238% since last year. According to a Frost & Sullivan report, airport services may register a growth of Rs 5,385 crore by FY30, with the number of lounges rising to 295 by 2040.
Dreamfolks has also bagged contracts from the Indian Railways to offer similar services at stations, founder-chairperson and MD Liberatha Peter Kallat told PTI earlier in March. “The Railways has awarded us the contracts to offer our services at the lounges of the New Delhi, Ahmedabad, Ernakulam, Madurai and Sealdah stations. We are working on launching the services at the earliest,” she said. Entering the railways is part of the company’s planned expansion into newer sectors.
In FY22 the company showed a total income of Rs 283.99 crore as against Rs 108.11 crore a year ago. The net profit of this FY stood at Rs 16.25 crores against the loss of Rs 1.45 crore a year ago.