Bharucha & Partners were advisers to DreamFolks Services, while DSK was the domestic legal counsel and Duane Morris & Selvam acted as international legal counsel for the book running lead managers – Equirus Capital and Motilal Oswal Investment Advisors.
Bharucha’s team consisted of partner Vishnu Dutt and senior associate Mehul Jain.
DSK’s deal team comprised partner Gaurav Mistry, associate partner Avinash Poojari, principal associate Akanksha Dubey, and associates Rishika Raghuwanshi, Jigar Sampat and Maniya Goyal.
Ajay Shaw was the lead engagement partner for the transaction.
Promoters Liberatha Peter Kallat, the founder of DreamFolks, and Dinesh Nagpal and Mukesh Yadav (who are both non-executive directors of the company) offered 17.2 million equity shares in an initial sale over three days in August.
It was subscribed 56.68 times on the last day of its subscription on August 26. The public issue constituted 33% of the post offer paid-up equity shares of the company. It debuted on September 6 on the National Stock Exchange at INR508 a share, a premium of more than 56% compared with its IPO price of INR326 a share.
DreamFolks is the largest airport lounge services access provider, with a 95% market share as of 31 March, facilitating an enhanced experience for passengers by leveraging a technology-driven platform.
The company, which provides card-based access to services such as lounges, food and beverage, spa, meet and assist, and airport transfers, has tie-ups with all five card networks operating in India, including Visa, Mastercard, Diners Club/Discover and RuPay.