Dev Accelerator IPO GMP: Office Space Provider’s Public Issue Fully Booked Within First Hour of Bidding

Dev Accelerator IPO GMP: Dev Accelerator IPO (Dev Accelerator Ltd) bidding window opened today. The coworking solutions provider’s public issue is garnering significant investor interest on the first day of bidding. Here’s a look at some major details related to Dev Accelerator IPO which primary market investors should know before applying:

Dev Accelerator IPO GMP

The grey market premium (GMP) for Dev Accelerator shares is ranging between Rs 9 and Rs 11 on September 10, according to websites tracking the activity of unlisted shares. With a GMP of Rs 11, Dev Accelerator (Dev X) shares are likely to make a strong debut with a premium of over 18 per cent at Rs 72 per share.

Dev Accelerator IPO: Offer Size and Price Band

Dev Accelerator IPO is worth Rs 143.35 crore. Dev Accelerator IPO only consists of a fresh issue component of 23.5 million shares. Dev Accelerator IPO price band has been set at Rs 56 to Rs 61 per share.

Dev Accelerator IPO: Subscription Update

The mainboard issue has been fully booked within the first hour of bidding. The issue has been subscribed 1.15 times cumulatively as bids for a total of 15.78 million shares of the coworking space provider have been submitted compared to the 13.71 million shares offered for bidding.

Retail investors are leading the demand for Dev X shares and have booked their quota more than three times within the first hour of bidding, placing bids for 6.8 million shares compared to the 2.3 million offered for bidding.

At the time of writing, Non-Institutional Investors have booked their quota of 41 per cent, placing bids for 1.41 million shares compared to the 3.45 million shares on offer. QIBs have also placed bids for 6.5 million shares against the 6.9 million shares offered for subscription, leading to the issue being booked 0.95 times. Employees of the company have placed bids for 71,440 shares compared to the 1.64 lakh shares offered for subscription, leading to the issue being booked 43 per cent. 

Dev Accelerator IPO: Lot Size and Minimum Investment

Retail investors interested in applying for the Dev Accelerator IPO can place bids for a minimum of 235 shares, which aggregates to an investment of Rs 14,335. On the other hand, small Non-Institutional Investors can apply for the office space provider’s issue by bidding for a minimum of 14 lots, resulting in an investment of Rs 2,00,690. Big Non-Institutional Investors can apply for the issue by bidding for 70 lots, resulting in an investment of at least Rs 10,03,450.

Dev Accelerator IPO: Subscription window, listing date, allotment date

Dev Accelerator IPO subscription window opened on September 10. Dev Accelerator IPO subscription window will close on September 12.  Dev Accelerator IPO’s basis of share allotment status will be finalised on September 15.

Post the announcement of the share allotment status of Dev Accelerator IPO, unsuccessful bidders will receive refunds on September 16. Bidders who have been allotted Dev X shares will receive them in their demat account on the same day. Dev Accelerator Ltd shares will list on the NSE and BSE. Dev Accelerator share listing date is September 17.

Dev Accelerator: Key financials 

Dev Accelerator’s total income for FY25 stood at Rs 178.89 crore, increasing by over 61 per cent from Rs 110.73 crore in FY24. The company posted a net profit of Rs 1.74 crore in FY25 compared to a net profit of Rs 43 lakh in FY24, indicating an increase of more than 304 per cent year-on-year.

Dev Accelerator IPO: Registrar

The registrar for Dev X IPO is Kfin Technologies Ltd and the book-running lead manager Pantomath Capital Advisors Pvt.Ltd.

Dev Accelerator IPO: Objective

Dev Accelerator Ltd mentioned in its Red Herring Prospectus that the company aims to utilise the funds generated through the public issue for several expenditures, such as for fit-outs at its new Centres and for making security deposits for centres. The coworking solutions provider will also use the proceeds to repay borrowings and for general corporate purposes.

About Dev Accelerator Ltd

Dev Accelerator Ltd was established in 2017. The company also operates under the name DevX and is engaged in providing flexible office space-related solutions to its clients. The company is present across 15 centers in India.