NewsIPODev Accelerator Launches Rs 143.00 Crore IPO, Aims for Expansion Across Major Indian CitiesDev Accelerator Launches Rs 143.00 Crore IPO, Aims for Expansion Across Major Indian Cities
Dev Accelerator Ltd., a flexible office spaces company, has opened its Initial Public Offering (IPO) of 2.47 crore equity shares with a price band of Rs 56-61 per share. The company aims to raise Rs 143 crore at the upper price band, valuing it at Rs 550 crore. The IPO allocation is structured with 75% for QIBs, 15% for NIIs, and 10% for retail investors. Dev Accelerator currently manages 14,144 seats across 28 centers in 11 cities. The company plans to use the IPO proceeds for expansion in major Indian cities. The IPO opened on September 10, with allotment scheduled for September 15 and expected listing on September 17 on BSE and NSE. The grey market premium suggests a potential 15% upside from the upper price band.
*this image is generated using AI for illustrative purposes only.
Dev Accelerator Ltd., a flexible office spaces company, has opened its Initial Public Offering (IPO), marking a significant step in its growth strategy. The company is offering 2.47 crore equity shares with a price band set at Rs 56.00-61.00 per share, aiming to raise Rs 143.00 crore at the upper end of the price band.
IPO Details
- Offer Size: 2.47 crore equity shares
- Price Band: Rs 56.00-61.00 per share
- Total Issue Size: Rs 143.00 crore (at upper price band)
- Market Valuation: Rs 550.00 crore (at upper price band)
- Minimum Retail Investment: Rs 14,335.00 for 235 shares
Allocation Structure
The IPO has been structured to cater to various investor categories:
| Investor Category | Allocation |
|---|---|
| Qualified Institutional Buyers (QIBs) | 75% |
| Non-Institutional Investors (NIIs) | 15% |
| Retail Individual Investors (RIIs) | 10% |
Company Profile
Dev Accelerator has established itself as a notable player in the flexible office space sector:
- Current Clientele: Over 250 clients
- Operational Footprint: 28 centers across 11 cities
- Capacity: Managing 14,144 seats
- Total Area: 860,522 square feet
Expansion Plans
The company intends to utilize the IPO proceeds for expansion across major Indian cities, including:
- Mumbai
- Gurugram
- Noida
- Pune
- Chennai
This strategic expansion aims to strengthen Dev Accelerator's presence in key metropolitan areas, potentially increasing its market share in the growing flexible workspace sector.
IPO Timeline
- Opening Date: September 10
- Allotment Date: September 15 (scheduled)
- Listing Date: September 17 (expected on BSE and NSE)
Market Sentiment
The grey market premium currently stands at Rs 9.00, suggesting an estimated listing price of Rs 70.00. This indicates a potential upside of approximately 15% from the upper end of the price band, reflecting positive market sentiment towards the IPO.
As the flexible office space sector continues to evolve, Dev Accelerator's IPO represents a significant development in the Indian commercial real estate market. Investors and industry observers will be closely watching the company's performance and expansion strategies in the coming months.
15
