Dev Accelerator IPO subscribed 1.89x within first 1.5 hours; retail portion 5.89x booked

Dev Accelerator Ltd's initial public offering (IPO) opened for subscription on Wednesday (September 10) and witnessed strong demand in early trade. Within the first 1.5 hours, the issue was subscribed 1.89 times.

The IPO, which will remain open until Friday, September 12, is priced in the range of Rs 56–61 per share. Investors can bid for a minimum of 235 equity shares and in multiples thereafter.

According to data available, bids were placed for 2,43,85,715 shares against the total issue size of 1,31,47,075 shares. The retail investor portion was subscribed 5.89 times, while the qualified institutional buyers' (QIBs) segment saw 1.10 times subscription. The shareholder reservation portion was subscribed 1.03 times, the employee reserved quota at 91 per cent, and the non-institutional investors (NIIs) category at 83 per cent.

The company aims to raise Rs 143.35 crore through the issue, which comprises a fresh sale of 2,35,00,000 equity shares. Proceeds will be utilised for capital expenditure on fit-outs in new centres, security deposits, repayment or prepayment of borrowings and general corporate purposes.

Ahead of the IPO launch, Dev Accelerator mobilised Rs 65.15 crore from anchor investors by allotting 1,03,52,925 shares at Rs 61 each. Anchor participants included Finavenue Growth Fund, Sunrise Investment Opportunities Fund, VPK Global Ventures Fund, and Universal Sompo General Insurance.

Established in 2017 and headquartered in Ahmedabad, Dev Accelerator (also known as DevX) operates flexible office spaces and coworking centres. The company has expanded to 15 centres across major Indian cities including Delhi-NCR, Hyderabad, Mumbai, and Pune.

For the financial year ended March 31, 2025, Dev Accelerator reported a net profit of Rs 1.74 crore on revenue of Rs 178.89 crore. In FY24, it had posted a net profit of Rs 0.43 crore with revenue of Rs 110.73 crore.

In the grey market, Dev Accelerator IPO was last seen commanding a grey market premium (GMP) of Rs 70. Based on the upper price band of Rs 61, the estimated listing price implied a premium of 14.75 per cent.

Pantomath Capital Advisors is the sole book running lead manager for the IPO, while Kfin Technologies is the registrar. Shares of Dev Accelerator are scheduled to be listed on BSE and NSE on Wednesday, September 17.