Dev Accelerator, a flexible office spaces company, concluded its Initial Public Offering (IPO) with a strong 16.58 times oversubscription on the final day, showcasing significant investor interest in the company's growth prospects.

IPO Details

The company aimed to raise Rs 143 crore through a fresh issue of 2.47 crore equity shares, with a price band set at Rs 56-61 per share. At the upper price band, Dev Accelerator's market valuation stands at Rs 550 crore.

Subscription Breakdown

The IPO witnessed robust demand across various investor categories:

Retail investors showed particularly strong interest, with their portion being oversubscribed by 61.83 times.

Company Profile

Dev Accelerator currently operates 28 centers across 11 cities, serving over 250 clients. The company plans to utilize the IPO proceeds for expansion in major cities, including Mumbai, Gurugram, Noida, and Pune.

IPO Timeline

• Share Allotment: Scheduled for September 15
• Listing Date: Expected on September 17 on both BSE and NSE

Grey Market Premium

The grey market premium indicates a potential listing price of Rs 71.00, suggesting a 16.39% gain from the upper price band of Rs 61.00.

Dev Accelerator's successful IPO reflects the growing interest in the flexible office space sector, particularly as businesses adapt to evolving work environments. The company's expansion plans in major urban centers could position it to capitalize on the increasing demand for flexible workspace solutions.

Flexible workspace provider Dev Accelerator is set to enter the public market with its Initial Public Offering (IPO), announcing a price band of Rs 56 to Rs 61 per share. The Ahmedabad-based company plans to raise up to Rs 143 crore through a fresh issue of 23.5 million equity shares.

IPO Details

Allocation Structure

The IPO allocation is structured as follows:

• 75% reserved for Qualified Institutional Buyers (QIBs)
• 15% for Non-Institutional Investors (NIIs)
• 10% for Retail Individual Investors (RIIs)

Company Overview

Dev Accelerator operates integrated workspace solutions across multiple cities in India, including Delhi NCR, Mumbai, Pune, and Ahmedabad. The company reported:

• Revenue: Rs 159.00 crore
• Profit After Tax: Rs 1.80 crore

Use of Proceeds

The funds raised through the IPO will be utilized for:

1. Capital expenditure for new centers
2. Debt repayment
3. General corporate purposes

Market Information

• Currently, there is no grey market premium for Dev Accelerator shares in the unlisted market.
• The shares are slated to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
• The tentative listing date is set for September 17.

Investors interested in the flexible workspace sector may find this IPO an opportunity to participate in the growing market for integrated workspace solutions. However, as with any investment decision, it is advisable to carefully review the company's prospectus and consult with financial advisors before making an investment.