Dev Accelerator IPO gets 5.3x subscription on Day 1; retail portion booked 19.5x

Dev Accelerator IPO sails through within opening hour on Day 1; retail portion booked 3.5x

The initial share sale of Dev Accelerator saw 5.3x subscription on the first day (September 10) amid strong demand from qualified institutional buyers and retail individual investors.

The coworking solutions player's IPO is entirely a fresh issue of 2.47 crore equity shares worth Rs 143 crore at the upper end of the price band.

Dev Accelerator (DevX) is promoted by listed entity Dev Information Technology Ltd.

The company received bids for 7,00,80,995 shares against 1,31,47,075 shares on offer, according to data available with the NSE, thus getting subscribed 5.33 times by 11:20 am on September 10.

QIB portion got booked 116%, while the quota for non-institutional investors got subscribed 4.46x. RII category received 19.53 times subscription.

Dev Accelerator raised Rs 63 crore from anchor investors on September 9.

At the upper end, the company's market valuation is pegged at Rs 550 crore.

The company plans to utilise 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.

This capital infusion will enable DevX to expand its footprint in major cities, including Mumbai, Gurugram, Noida, Pune, Chennai, GIFT City, Ahmedabad, Vadodara, Rajkot, Surat, Goa, and Jaipur.

As of August 31, 2024, DevX had 25 centres in more than 10 cities, including Ahmedabad, Vadodara, Hyderabad, Delhi, and Udaipur.

Dev Accelerator is expected to make its stock market debut on September 17.