Dev Accelerator makes a muted stock market debut; shares list flat

Shares of Dev Accelerator disappointed at its Dalal Street debut on Wednesday, September 17 as the office working solutions player was listed at Rs 61.30 on BSE, a negligible premium of over its issue price of Rs 61. However, the stock kicked-off its trading on the issue price itself on NSE.

The listing of Dev Accelerator has been on expected lines. Ahead of listing, the grey market premium (GMP) of Dev Accelerator were commanding a premium of Rs 6 per share in the unofficial market, suggesting a listing of up to 10 per cent to the investors. However, GMP stood around Rs 8-10, when the issue was closed for bidding.

The IPO of Ahmedabad-based Dev Accelerator was open for bidding between September 10-September 12. It had offered its shares in the price band of Rs 56-61 per share with a lot size of 235 shares. The company raised a total of Rs 143.35 crore via IPO, which was entirely a fresh share sale 2,35,00,000 equity shares.

The issue was overall subscribed a strong 63.97 times fetching nearly 14.87 lakh applications, fetching bids for 5,130.21 crore for the issue net of anchor book. The allocation for the QIBs was subscribed 20.30 times, while the portion for non-institutional investors' (NIIs) saw bids for 87.97 times. However, the retail investors' quota was booked at 164.72 times.

Established in 2017, Dev Accelerator, commonly known as DevX, provides flexible office spaces, including coworking environments. The company has expanded its presence to 15 centers across India, encompassing major cities such as Delhi-NCR, Hyderabad, Mumbai, and Pune.

Brokerage firms were mostly positive on the issue, suggesting to subscribe to it. Pantomath Capital Advisors was the sole book running lead manager for the Dev Accelerator IPO, while Kfin Technologies was appointed as the registrar of the issue.