Dev Accelerator Share Price Opens Flat After Strong IPO

Dev Accelerator Ltd. made an underwhelming debut on the stock market on Wednesday, listing at its IPO price. The stock opened at Rs 61 on the NSE and Rs 61.3 on the BSE. The issue price was Rs 61 per share.

The initial public offering was subscribed 63.97 times on the final day of bidding on Sept. 12. The mainboard IPO received bids for 84.1 crore shares against 1.31 crore shares on offer.

The Non-Institutional Investors (NIIs) subscribed their segment 87.97 times, while the Qualified Institutional Buyers’ category was booked 20.30 times. The portion for retail Investors was subscribed 164.72 times.

Despite the strong interest in the IPO, the GMP for the public issue has declined since the IPO opened for subscription and anticipated a muted listing for the company.

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.

Dev Accelerator operates in the flexible office spaces industry. The company 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.

A portion of funds will also be used for debt repayment and general corporate purposes.

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.

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