Dev Accelerator IPO: Dev Accelerator’s initial public offering (IPO) closed with a strong demand on Friday, September 12, as all categories of investors participated amid neutral-to-positive views from brokerages and a solid grey market premium (GMP).
The IPO had sailed through on the first day of the bidding itself on Wednesday, September 10.
Dev Accelerator IPO Subscription
The issue was subscribed 63.97 times on the third and final day of the bidding period. It received bids for 84,10,18,940 shares as against 1,31,47,075 shares on offer, as per BSE data.
The Qualified Institutional Buyers (QIB) portion was subscribed 20.30 times, while the Non-Institutional Investors (NII) category saw a strong response at 87.97 times. The retail portion was oversubscribed by a massive 164.71 times. The employee quota was subscribed 17.61 times, and the shareholder category saw bids worth 46.98 times the reserved portion.
Dev Accelerator IPO GMP
According to market sources, Dev Accelerator IPO GMP rose to ₹12 as against ₹10 in the morning. At the prevailing GMP and upper end of the price band at ₹61, Dev Accelerator IPO listing price could be ₹73, a premium of 19.67%.
However, investors must note that GMP is subject to swift change. GMP signals an investor’s willingness to pay more than the issue price for the IPO.
Dev Accelerator IPO Details
Dev Accelerator IPO is priced in the range of ₹56 to ₹61 per share. The company is looking to raise ₹143.35 crore at the upper end of the price band. The issue was entirely a fresh share sale of 2.35 crore shares, with no offer for sale component.
Retail investors could apply to the Dev Accelerator IPO in lots of 235 shares, and in multiples thereafter.
The company plans to use the IPO proceeds for “fit-outs” in the new centres and their security deposits, payment of debt, and general corporate purposes, including strategic initiatives, strengthening marketing capabilities, brand building exercises and payment of lease liabilities.
Dev Accelerator (DevX) is promoted by the listed entity Dev Information Technology Ltd.
The company’s IPO allotment is expected to be finalised on Monday, September 15, with the listing likely on September 17 on BSE and NSE.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
