Dev Accelerator IPO Subscribed 63.97 Times

New Delhi, Sep 12 (PTI) The initial public offer of Dev Accelerator Ltd received 63.97 times subscription on the final day of bidding on Friday.

The three-day IPO got bids for 84,10,19,175 shares against 1,31,47,075 shares on offer, according to NSE data.

Retail Individual Investors (RIIs) part garnered 164.72 times subscription. The category for non-institutional investors received 87.97 times subscription, while the Qualified Institutional Buyers (QIBs) quota got subscribed 20.30 times.

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

The company's initial share sale has a price band of 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.