The initial public offering (IPO) of Dev Accelerator saw healthy demand from both retail and non-institutional investors on its first day of bidding. The IPO, which remains open until Friday, September 12, was oversubscribed.
The IPO received bids for 7.02 crore shares against the total offer of 1.31 crore shares, resulting in an overall subscription of 5.34 times by the end of Day 1, according to exchange data.
Retail investors showed strong interest, with their portion subscribed to 19.60 times, while non-institutional buyers showed similar enthusiasm, with their portion booked 4.46 times. The QIB portion was booked at 1.16 times.
Dev Accelerator IPO details
Dev Accelerator aims to raise ₹143 crore through the IPO, which is entirely a fresh issue of 2.35 crore shares. The price band for the offer is set between ₹56 and ₹61 per equity share, with a face value of ₹2 each. The IPO lot size is fixed at 235 shares, requiring a minimum investment of ₹14,335 for retail investors.
The allotment for the IPO is expected to be finalized on Monday, September 12, 2025. The shares are scheduled to list on both the NSE and BSE, with a tentative listing date of Wednesday, September 17. Pantomath Capital Advisors Pvt. Ltd. is the book-running lead manager, and Kfin Technologies Ltd. is the registrar of the issue.
GMP signals over 18% premium
As of today, the grey market premium (GMP) for Dev Accelerator’s IPO stands at ₹11 per share. This suggests that the shares are anticipated to list above their issue price. With this GMP and the IPO’s upper price band, the estimated listing price of the shares would be ₹72, reflecting an 18.03% premium over the issue price of ₹61 per share.
The grey market premium represents the expected difference between an IPO’s issue price and its anticipated listing price in the unofficial market. However, it’s important to remember that GMP is a preliminary indicator and should not be the sole factor in making investment decisions.
About the company
Dev Accelerator offers space solutions in the form of flexible workspaces to its clients, from individual desks to customized office spaces with exclusive access for clients.
The company has established itself as a one-stop integrated solution platform for any flexible workplace requirement. It is one of the largest flex space operators in terms of operational flex stock in Tier 2 markets.
The company proposes to use the proceeds from the issue towards capital expenditure for fit-outs in the new centers and for security deposits of the new centers, repayment and/or prepayment, in full or part, of certain borrowings availed by the company, including redemption of NCDs, and general corporate purposes.
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