Retail investors drive demand for Dev Accelerator IPO; GMP up 11%

Dev Accelerator IPO subscription status: Retail investors have been leading the demand for the initial public offering (IPO) of office spaces and coworking places provider Dev Accelerator. Non-institutional investors (NIIs) followed, while demand among qualified institutional investors (QIBs) has been the lowest.

 

Valued at around ₹143.35 crore, the public offering has been oversubscribed by 10.68 times. Among the individual quotas, retail investors have booked their reserved portion 41.64 times, NIIs at 9.49 times, and QIBs at 1.17 times, till 01:00 PM on Thursday. 

Dev Accelerator IPO details

The public offering comprises a fresh issue of 23.5 million equity shares worth ₹143.35 crore. It is being offered at a price band of ₹56-61 per share, with a lot size of 235 shares. Investors can bid for a minimum of 235 shares and in multiples thereof, with a minimum investment amount of ₹14,335. A retail investor can bid for a maximum of 13 lots or 3,055 shares, with an investment amount of ₹1,86,355.

 

The public issue will remain open for subscription until September 12, 2025. The basis of allotment of Dev Accelerator IPO shares is likely to be finalised on Monday, September 15, 2025, and shares will be credited to investors' demat accounts on September 16, 2025.

 

Dev Accelerator shares are slated to list on the BSE and NSE, tentatively on Wednesday, September 17, 2025. 

The company proposes to utilise the proceeds from the public offering for capital expenditure for fit-outs in the proposed centers, and ₹35 crore for repayment of debt availed by the company, including the redemption of non-convertible debentures. The remaining funds will be used for general corporate purposes. 

Dev Accelerator IPO grey market premium (GMP)

The unlisted shares of Dev Accelerator were commaning a decent premium in the grey markets on the second day of subscription. Sources tracking grey market activity revealed that the company’s unlisted shares were trading at around ₹68 per share. This translates to a grey market premium (GMP) of ₹7 per share, or 11.48 per cent over the upper end of the issue price.

Dev Accelerator IPO Review

Analysts at Anand Rathi Research have recommended subscribing from a long-term perspective. "At the upper end of the price band, the company is valued at 305x FY25 P/E and 3.5x P/S, with a post-issue market capitalisation of ₹5,501 million," analysts wrote in a research note. READ MORE

About Dev Accelerator

Dev Accelerator (DAL) is a flex space operator (a third-party company that manages and runs flexible workplaces) with a presence in tier-I and tier-II markets across India. The company offers comprehensive office space solutions, including sourcing office spaces, customising designs, developing spaces, and providing technology solutions. As of May 2025, DAL has over 250 clients and 28 centers across 11 cities in India, with 14,144 seats and a Super Built-up Area (SBA) of 8,60,522 sqft under management.