Dev Accelerator IPO Fully Subscribed On Day One — Check GMP, Other Details

Dev Accelerator Ltd.'s initial public offering was fully subscribed within an hour of launch on Wednesday, led by string demand from retail investors.

The IPO is entirely a fresh issue of 2.47 crore equity shares worth Rs 143 crore at the upper end of the price band. The company has set the price band at Rs 56 to Rs 61 per share.

At the upper end, the company's market validation is pegged at Rs 550 crore. Dev Accelerator (DevX) is promoted by listed entity Dev Information Technology Ltd., it further added.

The minimum amount of investment required by an retail is Rs 14,335 (235 shares) based on the upper price.

The company operates in flexible office spaces industry. Dev Accelerator will use the proceeds from the initial public offer to expand its footprint in major cities, including Mumbai, Gurugram, Noida, Pune, Chennai, GIFT City, Ahmedabad, Vadodara, Rajkot, Surat, Goa, and Jaipur.

As of May, the company serves over 250 clients and has 28 centres across 11 cities in India, with 14,144 seats covering a total area under management of 860,522 square feet.

In this IPO, 75% of the issue size has been reserved for qualified institutional buyers, 15% for non-institutional investors and the remaining 10% for retail investors.

The allotment for the Dev Accelerator IPO is expected to be finalized on Sept. 15. The stock will list on BSE, NSE on Sept. 17.