Dev Accelerator IPO Subscribed: Investor Demand Strong

New Delhi, Sep 10 (PTI) The initial public offer of Dev Accelerator Ltd, which provides flexible office spaces, got fully subscribed on Wednesday, the first day of bidding, driven by heavy participation from investors.

The initial share sale received bids for 2,80,90,960 shares against 1,31,47,075 shares on offer, translating into 2.14 times subscription, according to NSE data till 11:54 hours.

Retail Individual Investors (RIIs) part garnered 7.10 times subscription. The quota for Qualified Institutional Buyers (QIBs) received 1.09 times the subscription, and the non-institutional investors part got subscribed 1.05 times.

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 September 12. 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.