The initial public offering of Dev Accelerator continued to see strong investor interest on its second day of public bidding on September 11 (Thursday). The Rs 143-crore issue was subscribed more than 16 times its offer size on Day 2.
The IPO received bids for over 21 crore shares, as against the offer size of 1.31 crore shares, according to data on NSE. Retail investors led the subscription rally, booking their reserved portion more than 59 times. Non Institutional Investors (NII) booked the portion kept for them around 15 times. The portion reserved for Qualified Institutional Buyers (QIB) has been subscribed over 2 times.
Dev Accelerator IPO GMP:
Ahead of listing, the unlisted shares of the company were trading with 11.5 percent grey market premium (GMP) over the IPO price at Rs 68 apiece, according to data on Investorgain. The GMP quoted by the site has fallen over the days. It had earlier cited GMP at 16 percent two days before the IPO opened for public bidding.
According to IPO Watch, the unlisted shares of the company were trading with 16 percent GMP over the IPO price.
Key things to know about Dev Accelerator IPO:
The coworking solutions player moved to the capital markets to raise Rs 143.35 crore through an entirely fresh issue of 2.47 crore equity shares at a price band of Rs 56-61 per share. Investors can bid for a minimum of 235 shares, requiring an investment of 14,335 at the upper price band, and in multiples thereafter.
The allotments will likely be finalized on September 15, and the shares are scheduled to debut on stock markets on September 17.
A day before the IPO opened for public bidding, the Ahmedabad-based company announced that it has raised Rs 63.15 crore from 11 institutional investors via anchor book on September 9. Institutional investors participated in the anchor book on Tuesday included Universal Sompo General Insurance Company, Finavenue Capital Trust, Sunrise Investment Opportunities Fund, Meru Investment Fund, SB Opportunities Fund, Vbcube Ventures Fund, and Venus Stellar Fund.
With presence in Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot and Vadodaraas, Dev Accelerator has over 250 clients and 28 centers with 14,144 seats covering a total area under management of SBA 8.6 lakh square feet, competing with large listed peers like Awfis Space Solutions, Smartworks Coworking Spaces, and Indiqube Spaces.
Should you apply?
Master Capital Services said investors can consider this IPO for a long term investment. “India’s office market has witnessed significant growth over the past two and a half decades, establishing itself as a prominent player in the global commercial real estate industry. The top seven markets in India have experienced a tremendous surge in Grade A office stock, growing more than 14.5 times, from 59.5 mn sq. ft. to around 863.9 mn sq. ft. … Looking ahead, Grade A stock is projected to grow at a CAGR of ~6.7% between FY 2026 and December 2027 to reach 1,033 mn sq. ft,” the brokerage said.
“Dev Accelerator Limited is in a good position to capture this growth by expanding into new and existing markets, enhancing its client offerings, and strengthening its asset procurement strategy. Investors can consider the IPO for long-term investment,” it added.
Anand Rathi has also advised investors to subscribe to the issue for the long term. “Dev Accelerator Limited is one of the largest flex space operators in terms of operational flex stock in Tier 2 markets. Since their inception, they have established a presence in both Tier 1 and Tier 2 markets across India, including Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot, and Vadodara as of May 31, 2025. Their comprehensive office space solutions cover sourcing, design customization, space development, technology integration, and complete asset management," the domestic brokerage explained.
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