- Dev Accelerator IPO was subscribed 29.32 times on the final day of bidding
- The IPO comprises 2.47 crore equity shares worth Rs 143 crore at upper price band
- Proceeds will fund expansion in major Indian cities including Mumbai and Gurugram
Dev Accelerator's initial public offering was subscribed 63.97 times on its final day of bidding.
The IPO was subscribed 16.08 times on second day. It was subscribed 5.33 times after it got fully subscribed within an hour of launch on Wednesday, led by strong 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.
Dev Accelerator IPO Details
Open date: Sept. 10
Close date: Sept. 12
Allotment date: Sept. 15
Tentative Listing date: Sept. 17
IPO size: Rs 143 crore
Minimum bid: Lot size of 235 shares
Dev Accelerator IPO Subscription Status
The IPO was subscribed 63.97 times on Friday, as per BSE data.
Qualified Institutional Buyers: 20.30 times.
Non-Institutional Buyers: 87.97 times.
Retail Investors: 164.72 times.
Employee Reserved: 17.61 times.
Reservations Portion Shareholders: 46.98 times.
Dev Accelerator IPO GMP Today
Dev Accelerator GMP was at Rs 10 as of 8:00 pm, which implied the listing price could be potentially be Rs 71, according to InvestorGain. This indicated a potential listing day gain of 16.39%.
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