Dev Accelerator's Rs 143 Crore IPO Set to Open on September 10
Dev Accelerator Ltd., a coworking space provider, is launching its IPO to raise Rs 143.35 crore. The IPO will open on September 10 with a price band of Rs 56-61 per share. The company operates 15 coworking centers across major Indian cities and has shown significant financial growth, with a 61% increase in total income and a 304.65% rise in net profit. The IPO proceeds will be used for capital expenditure, debt repayment, and general corporate purposes. The grey market premium indicates positive market sentiment, suggesting a potential 16.39% premium on listing.
*this image is generated using AI for illustrative purposes only.
Dev Accelerator Ltd., a coworking space provider, is gearing up for its initial public offering (IPO) scheduled to open on September 10. The company aims to raise Rs 143.35 crore through a fresh issue of 2.35 crore equity shares.
IPO Details
- Subscription Period: September 10-12
- Price Band: Rs 56-61 per share
- Minimum Investment: Rs 14,335 for retail investors
- Grey Market Premium: Rs 10 per share (16.39% premium over upper price band)
- Expected Listing Date: September 17 on BSE and NSE
About Dev Accelerator
Founded in 2017, Dev Accelerator operates 15 coworking centers across major cities including Delhi-NCR, Hyderabad, Mumbai, and Pune.
Financial Performance
The company has shown significant growth in its recent financial results:
| Metric | Amount | Year-on-Year Growth |
|---|---|---|
| Total Income | Rs 179.00 crore | 61% |
| Net Profit | Rs 1.74 crore | 304.65% |
Utilization of IPO Proceeds
The funds raised through the IPO will be allocated as follows:
- Capital Expenditure: Rs 73.12 crore
- Debt Repayment: Rs 35.00 crore
- General Corporate Purposes: Remaining amount
Market Sentiment
The grey market premium of Rs 10 per share indicates positive market sentiment, suggesting a potential listing price of Rs 71.00, which represents a 16.39% premium over the upper price band.
As Dev Accelerator prepares to enter the public market, investors will be closely watching its performance in the rapidly evolving coworking space sector.
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