Workspace Solutions Provider Dev Accelerator Makes Tepid Market Debut

Shares of Dev Accelerator made a lackluster debut on Wednesday, listing flat on the benchmark indices. The stock listed at ₹61 on the NSE, matching its issue price, while it opened marginally higher at ₹61.30 on the BSE, a 0.49% premium.

This came below the grey market price of ₹67, a 10% premium over the issue price.

However, buying picked marginally up after listing. The stock is currently trading at ₹64.04 on the NSE and ₹64.05 on the BSE.

In a busy morning, Dev Accelerator was among the three listings on the mainboard. However, it significantly fell short of Urban Company's and Shringar House of Mangalsutra's robust debuts.

IPO Details

The tepid listing came despite the strong response to the company's public issue. The ₹143.35-crore IPO, priced in the range of ₹56 - ₹61 per share, was subscribed 63.97 times overall. Retail Individual Investors (RIIs) led the charge with subscriptions soaring 164.72 times. The Non-Institutional Investor (NII) category was booked 87.97 times, while Qualified Institutional Buyers (QIBs) subscribed 20.30 times.

Kfin Technologies is the registrar of the issue, while Pantomath Capital Advisors is the sole book-running lead manager.

Ahead of the IPO, Dev Accelerator raised ₹63 crore from anchor investors, including Universal Sompo General Insurance, Abans Finance, and Finavenue Capital Trust.

The company plans to use the fresh issue proceeds for expansion under its co-working brand DevX. The funds will be allocated toward new center fit-outs, security deposits, debt repayment, and general corporate purposes, including marketing and brand-building.

Company Details

Dev Accelerator provides workspace solutions. It manages workspaces through multiple formats, including the straight lease model, revenue share model, furnished-by-landlord model, and the operating company/property company (OpCo–PropCo) model.

Dev Accelerator is looking to strengthen its presence in key markets such as Mumbai, Pune, Gurugram, Noida, Chennai, GIFT City, and Ahmedabad, alongside tier-II cities like Surat, Rajkot, and Vadodara.

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