DreamFolks Services IPO

DreamFolks Services Limited, an airport service aggregator platform, plans to raise capital through initial public offering (IPO).

The price band is fixed at Rs 308-326 per equity share and the subscription for the IPO begins on August 24 and ends on August 26, 2022.

The IPO comprises of only offer for sale of about 1.72 crore equity shares of face value Rs 2 apiece. The issue size is Rs 562.10 crore based on the upper limit of the price band.  

Company Summary

DreamFolks Services Limited is India’s largest airport service aggregator platform facilitating an enhanced airport experience to passengers by leveraging a technology driven platform

The company provides a host of airport-related services such as lounge access, doorstep baggage transfer, food and beverage offerings, spa services, meet and assist, airport transfer services (pick up and drop), and transit hotels / nap room access. The company has access to 100% of the 54 lounges currently operational in India, and it enjoyed a market share of over 95% in this business.

The company started its lounge access services for consumers of Mastercard in 2013, and currently provides services to all the card networks operating in India, including Visa, Mastercard, Diners/Discover and RuPay, and many of India’s prominent card issuers including ICICI Bank, Axis Bank , Kotak Mahindra Bank, HDFC Bank and SBI Cards.

As of March 31, 2022, DreamFolks had 50 clients, including the card networks and card issuers. Overall, 97.9 lakh customers had used its services since Fiscal 2020.

The company has a global footprint with 1,416 touch-points in 121 countries, out of which, 244 touch-points are present in India and 1,172 touch-points in international market.

Company Strengths

  • Strong player in the airport lounge aggregation business with an estimated market share of over 95% in fiscal 2022 across India with respect to card based access to domestic lounges.
  • Well-established relationships with marquee clients including global card network providers, domestic and global banks as well as corporates.
  • Strong business model resulting in network flywheel effect.
  • Ability to capitalize on growing consumer base with no associated costs of direct customer acquisition.
  • Asset light and human resource light business model with a strong track record of delivering consistent growth.
  • Proprietary technology platform that ensures scalability.
  • Experienced promoters and management team with strong domain expertise.

Company Financials

For the year ended




Total assets




Total revenue




Profit after tax




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* All numbers are in INR crore

Purpose of the IPO

  • The purpose of the offer is to carry out the Offer for Sale of up to 17,242,368 equity shares by the selling shareholders
  • The company also expects the stock exchange listing to enhance their visibility, brand image, provide liquidity to existing shareholders and also offer a public market for the company’s equity shares.

Company Promoters

Liberatha Peter Kallat, Mukesh Yadav and Dinesh Nagpal are the promoters of the company. 

IPO Details

Subscription start date

Aug 24, 2022

Subscription end date

Aug 26, 2022

Face value

Rs 2 per equity share

Issue price (Price band)

Rs 308 to Rs 326 per share

Lot size


Issue size

Rs 562.10 crore (Upper band)

Offer for sale

17,242,368 equity shares

Issue type

Book built issue



IPO Lot Size








Rs 14,996




Rs 194,948

IPO Allotment Details

Basis of allotment

Sep 1, 2022

Initiation of refunds

Sep 2, 2022

Credit of shares to demat

Sep 5, 2022

IPO listing date

Sep 6, 2022

To check your allotment, click here