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Russian (RU) The initial public offer (IPO) of Dev Accelerator witnessed strong investor interest on its third and final day on Friday, September 12. The Rs 143-crore public issue was subscribed nearly 64 times against its offer size by the close of Day 3.
The IPO received bids for more than 84 crore shares compared with the offer size of 1.31 crore shares, according to NSE data. Retail investors led the rally, oversubscribing their portion by 165 times. The Non-Institutional Investor (NII) category was booked about 88 times, while the Qualified Institutional Buyer (QIB) portion was subscribed over 20 times.
The share allotment will be finalised on September 15, with the stock scheduled to list on the bourses on September 17.
Applicants can check their allotment status either through the registrar, KFin Technologies, or directly via the BSE platform. Here’s how:
Checking allotment on KFin Technologies (Registrar)
Visit the KFinTech IPO status page
(https://ipostatus.kfintech.com/)
Select Dev Accelerator from the dropdown menu.
Enter Application number or PAN number
Your allotment status will be displayed, showing the number of shares allotted.
Checking allotment on BSE (Exchange website)
Go to the BSE IPO allotment page
(https://www.bseindia.com/investors/appli_check.aspx)
Select Equity under issue type.
From the dropdown, choose Dev Accelerator
Enter your application number and PAN.
Click Search.
With the issue subscribed over 6o times, the allotment chances are extremely limited. Investors who miss out will get refunds/unblocked funds before listing.
Dev Accelerator GMP
Dev Accelerator IPO’s grey market premium (GMP) hovered around Rs 10 as of September 13. With the issue price set at Rs 61, the IPO is expected to list around Rs 71. That means investors could see an estimated gain of about 16.4% per share. However, investors should note that GMP is driven by market sentiment and can fluctuate sharply. It serves as an indicative figure and may not accurately reflect the actual listing price.
Company Overview
Dev Accelerator is an integrated workspace solutions provider serving corporates, start-ups, and individuals. Its offerings range from single desks to fully customised offices with exclusive client access. The company operates using multiple asset procurement models, such as Straight Lease, Revenue Share, Furnished by Landlord, and OpCo–PropCo.
The company has rapidly expanded into both Tier-1 and Tier-2 cities, establishing a presence in Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot, and Vadodara. Its comprehensive services include workspace design, development, technology integration, and complete asset management.
A day before the IPO opened for public bidding, the Ahmedabad-based company announced that it had raised Rs 63.15 crore from 11 institutional investors via an anchor book on September 9. Institutional investors participating in the anchor book on Tuesday included Universal Sompo General Insurance Company, Finavenue Capital Trust, Sunrise Investment Opportunities Fund, Meru Investment Fund, SB Opportunities Fund, Vbcube Ventures Fund, and Venus Stellar Fund.
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The company intends to utilise the IPO funds primarily for capital expenditures on new centres, repayment of certain debts, and general corporate purposes.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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