Dev Accelerator Listing On Stock Exchanges: Dev Accelerator Shares Make Flat Debut On NSE, BSE

Dev Accelerator Ltd shares made their debut on the NSE and BSE on September 17 with no gains. Dev Accelerator shares made their debut on the NSE at Rs 61 apiece with no premium. Post-listing the stock gained 5 per cent to trade at an early high of Rs 64.05 apiece. On the BSE, the stock listed at Rs 61.3 apiece with gains of 0.45 per cent.

After listing on the exchanges, 4.82 million shares of the company were traded and the office space provider’s total market capitalisation stood at Rs 577.65 crore.

Dev Accelerator IPO: Details

Dev Accelerator’s initial public offering (IPO) was worth Rs 143.35 crore. The co-working space provider’s issue consisted of a fresh issuance of 23.5 million shares amounting to Rs 143.35 crore. Dev Accelerator IPO price band was set between Rs 56 and Rs 61 per share.

The minimum lot size for application for retail investors was fixed at one lot or 235 shares, which aggregated to an investment of Rs 14,335. The IPO was booked 63.97 times during the three-day bidding window which opened on September 10 and closed on September 12. Investors across categories placed bids for over 841 million shares compared to the 13.14 million shares offered for subscription.

Retail individual investors booked their quota in Dev X IPO 164.72 times. Non-Institutional Investors oversubscribed the issue 87.97 times. Qualified Institutional Buyers booked their quota 20.3 times. Employees and shareholders of Dev Accelerator Ltd booked their quota in the public issue 17.61 times and 46.98 times respectively.

Dev Accelerator IPO plans to use the funds raised via the public issue for capital expenditures for purchasing fit-outs for new centres and for security deposits of the new centres. The co-working space provider aims to use the funds raised via the public issue for repayment of its borrowings and for general corporate purposes.

Dev Accelerator Ltd provides managed office solutions, coworking spaces, and startup acceleration services. The company is headquartered in Ahmedabad, India. Following the listing of its shares, Dev X has joined its listed peers such as Awfis Ltd, Smartworks Ltd and IndiQube Ltd which are also engaged in providing co-working spaces.

Dev Accelerator Ltd has raised funds from Finavenue Growth Fund, SB Opportunities Fund II,Meru Investment Fund PCC, Abans Finance Chattisgarh Investments, Sunrise Investment Opportunities Fund, Universal Sompo General Insurance in its anchor investor round.

At the time of writing shares of Dev Accelerator shares traded at Rs 64.05 apiece up by 5 per cent on the NSE. Dev Accelerator shares traded at Rs 64.3 apiece up by 4.89 per cent on the BSE.