Dev Accelerator makes flat D-street debut at ₹61; misses GMP estimates

On the BSE, Dev Accelerator stock opened at ₹61.3, marginally up from the issue price of ₹61. The listing price of Dev Accelerator was below the grey market estimates

Dev Accelerator IPO listing today: Shares of Dev Accelerator, a flexible office spaces provider, made a flattish debut on Dalal Street on Wednesday, September 17, 2025. The company's shares opened at ₹61 on the NSE. After the listing, the stock rose nearly 5 per cent from the listing price to ₹64.

 

On the BSE, the stock opened at ₹61.3, marginally up from the issue price of ₹61. Post-listing, the stock was trading at ₹63.99, up 4.4 per cent from the listing price.

 

The listing price of Dev Accelerator was below the grey market estimates. Ahead of the listing, unlisted shares of Dev Accelerator were trading at ₹67, up ₹6 or 10 per cent from the issue price of ₹61, according to sources tracking unofficial markets. 

 

Dev Accelerator IPO details

Dev Accelerator IPO received a solid response from investors, with the issue being oversubscribed by 63.97 times. The portion reserved for Qualified institutional buyers (QIBs) was subscribed 20.3 times, the non-institutional investors (NIIs) portion was subscribed 87.97 times, and the retail investors at 164.72 times.

 

The ₹143.35-crore mainline IPO comprises a fresh issue of 23.5 million equity shares. The company set the IPO price band in the range of ₹56 to ₹61. The public issue opened for subscription on Wednesday, September 10, 2025, and closed on Friday, September 12, 2025.

 

Kfin Technologies is the registrar of the issue. 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. 

 

About Dev Accelerator 

Established in 2017, Dev Accelerator offers space solutions in the form of flexible workspaces, from individual desks to customised office spaces with exclusive access. The company sources and procures its workspaces through the Straight Lease Model, Revenue Share Model, Furnished by Landlord model and the OpCo – PropCo Model. It has presence in both Tier 1 and Tier 2 markets across India, including regions such as Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot and Vadodara. As of May 2025, the company has over 250 clients and 28 centres across 11 cities in India, with 14,144 seats covering a total area under management of SBA 860,522 square feet.