Dreamfolks: IPO Star Crashes 90%; Smart Money Exits, Retail Trapped

• Dreamfolks Services Ltd's stock has plummeted ~90% from its high and ~65% from its 2022 IPO price of ₹326.
• The decline is largely due to major clients like Axis Bank and ICICI Bank bypassing Dreamfolks for direct transactions with lounge operators.
• Increased competition from the Adani Group in airport services also pressured Dreamfolks' aggregator business model.
• Institutional investors (DIIs) significantly reduced their stake, while retail investor holdings increased, indicating "smart money" exited.

Why It Matters: Retail investors lost heavily as 'smart money' exited a once-promising IPO.