The buzz around Dev Accelerator continues to grow as its IPO receives overwhelming response from investors. On the third and final day of public bidding, the company’s initial public offering has been subscribed over 28 times, reflecting strong market confidence.
Investors flocked to grab shares in this Rs 143-crore IPO, signaling a robust appetite for coworking solutions providers in India’s evolving commercial real estate landscape.
Market Performance: Dev Accelerator IPO Hits a Record Subscription
- IPO Size: Rs 143.35 crore
- Total Shares Offered: 2.47 crore equity shares
- Price Band: Rs 56-61 per share
- Subscription Status (Day 3):
- Overall subscription: 28x
- Retail Investors: 95x of reserved quota
- Non-Institutional Investors (NII): 36x
- Qualified Institutional Buyers (QIB): 2x
According to NSE data recorded at 11:50 am, the IPO received bids for nearly 37 crore shares, dwarfing the offer size of 1.31 crore shares. Retail participation has been particularly strong, driving the subscription frenzy.
Company Details: Dev Accelerator’s Footprint and Operations
Dev Accelerator Limited operates in the coworking and flexible office space sector. Over the years, the Ahmedabad-based company has carved a niche in Tier 1 and Tier 2 cities across India.
Key Highlights:
- Presence in Cities: Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot, Vadodara
- Number of Centers: 28
- Total Seats Available: 14,144
- Total Area Under Management: 8.6 lakh sq. ft.
- Client Base: 250+
With such a wide operational network, Dev Accelerator competes with large peers like Awfis Space Solutions, Smartworks Coworking Spaces, and Indiqube Spaces, positioning itself as a prominent player in India’s growing flex office space sector.
IPO Funding and Institutional Interest
Ahead of the public subscription, Dev Accelerator raised Rs 63.15 crore from 11 institutional investors via an anchor book. Key participants included:
- Universal Sompo General Insurance Company
- Finavenue Capital Trust
- Sunrise Investment Opportunities Fund
- Meru Investment Fund
- SB Opportunities Fund
- Vbcube Ventures Fund
- Venus Stellar Fund
This early institutional backing provided a solid foundation, setting the tone for strong retail participation in the subsequent days.
Subscription Mechanics and Investor Details
- Minimum Investment: 235 shares (Rs 14,335 at upper price band)
- Allotment Date: September 15
- Stock Market Listing: September 17
The IPO structure allowed investors to bid in multiples of 235 shares, making it accessible for retail investors while ensuring significant capital inflow for the company.
Summary: What Makes Dev Accelerator Stand Out?
Dev Accelerator has emerged as a major player in India’s coworking space market by:
- Expanding its reach across Tier 1 and Tier 2 cities.
- Offering end-to-end office space solutions, including sourcing, design, technology integration, and asset management.
- Managing a sizable network of centers with over 14,000 seats and 8.6 lakh sq. ft. of space.
The company’s IPO response reflects strong investor confidence, both from retail and institutional participants. With its strategic presence and growing client base, Dev Accelerator is poised to make a significant impact in the flex office sector.
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