Source: Mint
New Delhi, September 12, 2025 – Dev Accelerator Ltd (DevX) had its initial public offering (IPO) close on this day. The demand was good and it was well received by investors everywhere around the world, being subscribed 63.97 times overall and SWIFTly demonstrating strong market confidence in Dev Accelerator’s growth plans.
Subscribed Status
The BSE data shows that the IPO was subscribed for 84.10 crore shares against 1.31 crore shares offered, with all investor categories showing strong demand.
- Retail Investors: 164.71 times
- Non-Institutional Investors (NIIs): 87.97 times
- Qualified Institutional Buyers (QIBs): 20.30 times
- Shareholder Portion: 46.98 times
Employee Portion: 17.61 times.
The retail portion attracted the most interest, indicating that small investors have continued to pour into new listings. On the second day of the bidding, the IPO had been subscribed 16.08 times overall, with a retail subscription of 59.31 times at that time. Obviously, on the final day of the bidding process, there’s a surge in applications, and the overall subscription nearly reaches 64 times.
IPO Details
The Dev Accelerator IPO was a total fresh issue of 2.35 crore equity shares. At the upper end of the price band of ₹56 to ₹61 per share, the issue size is ₹143.35 crore and means the market cap of the company is valued at around ₹550 crore.
Investors were allowed to bid for a minimum of one lot of 235 shares thereafter in multiples. Of the total issue size 75% was allocated to QIBs, 15% to NIIs and 10% to retail.
Grey Market Premium (GMP)
As per market trackers, the IPO is trading at a grey market premium of ₹10. This indicates a listing price of ₹71 a share, which is approximately 16.4% higher than the issue price of ₹61. Experts observed that the GMP has shown a strong upward movement in the previous ten sessions, indicating strong listing expectations.
About the Company
Dev Accelerator is a provider of collaborative and flexible office space, powered by Dev Information Technology Ltd. Dev Accelerator operates 15 centres throughout India, spanning cities including Delhi-NCR, Mumbai, Pune, and Hyderabad.
Financially, DevX reported profits of ₹1.8 crore in FY25, marking a bounce-back after losses in the past. Revenue has increased at more than 50% a year in the last two years; however, the company still has a high cost of lease and debt, which might impact margins long-term.
Outlook
Analysts believe Dev Accelerator is positioned to take advantage of the increasing need for coworking spaces in India’s urban centres. The heavily oversubscribed IPO and positive GMP suggest that the company will have healthy listing gains. But, investors need to consider the risks, including competition and high borrowings.
