Dev Accelerator IPO Subscribed 16x on Day 2

New Delhi, Sep 11 (PTI) The initial public offer of Dev Accelerator Ltd garnered 16.08 times subscription on the second day of share sale on Thursday.

The company's initial share sale received bids for 21,14,04,355 shares against 1,31,47,075 shares on offer, as per NSE data.

Retail Individual Investors (RIIs) portion received a whopping 59.31 times subscription. The category for non-institutional investors got subscribed 15.36 times and Qualified Institutional Buyers (QIBs) part received 2.40 times subscription.

Dev Accelerator Ltd on Tuesday said it has raised Rs 63 crore from anchor investors.

The company's initial share sale will remain available for public subscription till Friday. The price band has been fixed at Rs 56 to Rs 61 per share.

Dev Accelerator (DevX) is promoted by the listed entity Dev Information Technology Ltd.

The company's IPO is entirely a fresh issue of 2.35 crore equity shares worth Rs 143.35 crore at the upper end of the price band. At the upper end, the company's market validation is pegged at Rs 550 crore.

The company plans to utilise proceeds for "fit-outs" in the new centres and their security deposits, payment of debt, and general corporate purposes, including strategic initiatives, strengthening marketing capabilities, brand building exercises and payment of lease liabilities.

This capital infusion will enable DevX to expand its footprint in major cities, including Mumbai, Gurugram, Noida, Pune, Chennai, GIFT City, Ahmedabad, Vadodara, Rajkot, Surat, Goa, and Jaipur.

Dev Accelerator is expected to make its stock market debut on September 17.