Dev Accelerator IPO Sees Massive 64x Oversubscription, Allotment Expected Soon
Dev Accelerator Ltd's ₹143.35-crore IPO received bids for over 84.1 crore shares against 1.31 crore shares offered, resulting in a 64 times oversubscription. Retail investors led with 164.89x oversubscription, followed by NIIs at 87.97x and QIBs at 20.30x. The IPO, priced at ₹56-61 per share, consisted of a fresh issue of 2.35 crore shares. Share allotment is expected on September 15, with listing on BSE and NSE scheduled for September 17. The company plans to use ₹73.10 crore for fit-outs in proposed centres and ₹35.00 crore for debt repayment.
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Dev Accelerator Ltd's initial public offering (IPO) has concluded with an overwhelming response from investors, marking a significant milestone for the company. The ₹143.35-crore IPO saw bids pour in for over 84.1 crore shares against the 1.31 crore shares on offer, resulting in a substantial 64 times oversubscription.
Subscription Details
The IPO's success was evident across all investor categories:
| Category | Oversubscription |
|---|---|
| Retail | 164.89x |
| Non-Institutional Investors (NIIs) | 87.97x |
| Qualified Institutional Buyers (QIBs) | 20.30x |
IPO Structure and Pricing
The public offering consisted solely of a fresh issue of 2.35 crore shares, with no offer-for-sale component. The shares were priced in the range of ₹56-61 per share.
Allotment and Listing Schedule
- Share allotment is expected to be finalized on September 15
- Investors can check their allotment status through the websites of BSE, NSE, and Kfin Technologies
- Refunds and share transfers are scheduled for September 16
- The company plans to list its shares on both BSE and NSE on September 17
Utilization of Funds
Dev Accelerator has outlined its plans for the IPO proceeds:
- ₹73.10 crore will be allocated for fit-outs in proposed centres
- ₹35.00 crore is earmarked for debt repayment
The strong investor interest in Dev Accelerator's IPO, particularly in the retail and NII segments, suggests a positive sentiment towards the company's business model and growth prospects. As the allotment process unfolds, all eyes will be on the company's stock market debut scheduled for September 17.
Investors who participated in the IPO are advised to keep a close watch on the allotment status and prepare for the upcoming listing. The significant oversubscription across all categories indicates that many investors may receive fewer shares than they bid for, given the high demand.
With the successful completion of its IPO, Dev Accelerator is now poised to embark on its next phase of growth, armed with fresh capital to expand its operations and strengthen its financial position.
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