What Does Dev Accelerator IPO GMP Suggest Ahead Of Listing On September 16?

The initial public offering (IPO) of Dev Accelerator IPO was subscribed 63.97 times on the final day of bidding on September 12. The mainboard IPO received bids for 84,10,19,175 shares against 1,31,47,075 on offer.

The share allotment status for the mainboard issue was finalised on Monday, September 15.

Shares of Dev Accelerator Ltd. are scheduled to be listed on the NSE and BSE on September 17.

Ahead of its listing, the attention is on the grey market premium (GMP) for Dev Accelerator IPO. Despite the strong interest in the IPO, the GMP for the public issue has declined since the IPO opened for subscription on September 10.

The GMP for the Dev Accelerator IPO was Rs 1 per share as of 10:00 a.m. on September 16. The latest GMP indicates a listing price of Rs 62 apiece at a premium of 1.64% compared to the upper limit of the IPO price band.

The GMP for the issue was Rs 10 when the IPO closed for subscription on September 12, but slid further to Rs 6 on September 15, when the allotment was finalised.

At the current GMP, investors can expect a muted listing for the shares of Dev Accelerator when the IPO lists on BSE and NSE tomorrow.

Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.

The Dev Accelerator IPO was a book-building issue worth Rs 143.35 crore. It comprised only a fresh issue of 2.35 crore shares.

Retail investors were required to bid for at least a single lot size of 235 shares, requiring a minimum investment of Rs 14,335. The minimum application size for Small Non-Institutional Investors (NIIs) was 14 lots, amounting to an investment of Rs 2,00,690. Big NIIs were required to bid for at least 70 lots, aggregating to Rs 10,03,450.

The price band for the IPO was set between Rs 56 and Rs 61 per share.

Pantomath Capital Advisors Ltd. is the book-running lead manager and KFin Technologies Ltd. is the registrar of the issue.

Use Of Proceeds

The company has proposed to utilise proceeds from the IPO for capital expenditure, debt repayment and general corporate purposes.