Dev Accelerator IPO sees strong demand on day 1; fully booked, GMP at 15%

Dev Accelerator IPO received bids for 26.53 million equity shares compared to 13.1 million shares on offer

Dev Accelerator IPO subscription status Day 1: The initial public offering (IPO) of Dev Accelerator, a flexible office spaces provider, opened for subscription on Wednesday, September 10, 2025. The mainboard public issue is receiving a solid response from investors, as the issue was fully subscribed within a few hours after opening. The issue was subscribed around 2.02 times at 11:50 AM on Wednesday, according to data from the National Stock Exchange. 

 

The issue received bids for 26.53 million equity shares compared to 13.1 million shares on offer. The demand was primarily driven by retail investors who subscribed to the allotted quota by 6.64 times, followed by qualified institutional investors (QIBs) at 1.09 times. However, the non-institutional buyers' (NIIs) portion was booked only 0.97 per cent.  

 

Dev Accelerator IPO GMP

On Wednesday, the unlisted shares of Dev Accelerator were trading at ₹70, commanding a premium of ₹9 or 14.75 per cent compared to the upper end of the price band of ₹56 to ₹61, according to sources tracking unofficial markets. 

Dev Accelerator IPO Review

Analysts at Anand Rathi Research have assigned a 'Subscribe for long term' rating to the IPO, citing the company's leadership position, strategic expansion and fair valuation. "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," the brokerage said in a note.

Dev Accelerator IPO details

The three-day subscription window for the maiden public offering will close on Friday, September 12, 2025. The basis of allotment of shares is likely to be finalised on Monday, September 15, 2025. Shares of Dev Accelerator will be listed on the bourses, BSE and NSE, tentatively on Wednesday, September 17, 2025.

 

Dev Accelerator IPO, worth ₹143.35 crore, comprises a fresh issue of 23.5 million equity shares. There is no offer for sale (OFS) component. 

 

The company has reserved not less than 75 per cent of the net offer for qualified institutional buyers (QIBs), not more than 10 per cent for retail investors, and not more than 15 per cent for non-institutional investors (NIIs).

 

Dev Accelerator has set the price band in the range of ₹56 to ₹61 per share. Retail investors would require a minimum investment amount of ₹14,335 shares to bid for one lot comprising 235 shares each.  

 

Kfin Technologies is the registrar for the public offering, while Pantomath Capital Advisors is the sole book-running lead manager. 

 

According to the red herring prospectus (RHP), the company plans to utilise the net fresh issue proceeds for capital expenditure for fit-outs in the proposed centres, and ₹35 crore for repayment of debt availed by the company, including redemption of non-convertible debentures. The remaining funds will be used for general corporate purposes.