The initial public offering (IPO) of Dev Accelerator Ltd opened for subscription on Tuesday, September 10, alongside two other mainboard issues — Urban Company IPO and Shringar House of Mangalsutra IPO. The issue will remain open until Thursday, September 12.
Dev Accelerator, which provides workspace solutions ranging from individual desks to fully customized office setups, caters to both Tier-1 and Tier-2 cities. Its services include office sourcing, design, development of work environments, and technology integration, with an emphasis on end-to-end asset management. The company currently manages 28 centres across 11 cities, serving more than 250 clients. As of May 31, 2025, it had a total of 14,144 seats spread across 860,522 square feet of space.
Subscription Status
On the first day of bidding, as of 10:30 am, the IPO received an overall subscription of 0.94 times. The retail investor portion was subscribed 1.89 times, while subscriptions stood at 0.36 times for non-institutional investors (NIIs) and 0.95 times for qualified institutional buyers (QIBs).
Analysts’ Views
Brokerage houses remain cautiously optimistic about the issue. Anand Rathi assigned a ‘Subscribe for long-term’ recommendation, citing the company’s diversified services and growth potential. However, it noted that valuations are on the higher side, with the issue priced at 305x FY25 P/E and 3.5x P/S at the upper band of ₹61.
Reliance Securities also gave a ‘Subscribe’ rating, highlighting Dev Accelerator’s strong position in Tier-2 markets, healthy occupancies, and upcoming expansion into Tier-1 cities and overseas markets.
IPO Details
The IPO is a fresh issue of 2.35 crore equity shares in the price band of ₹56–₹61 per share. For retail investors, the minimum bid size is one lot of 235 shares, requiring an outlay of ₹14,335. The lot size for small NIIs is 14 lots (₹2,00,690), while large NIIs can bid for 70 lots (₹10,03,450).
Funds raised will be used for capital expenditure on new centres, security deposits, repayment of borrowings including redemption of NCDs, and general corporate purposes. The allotment of shares is expected on September 15, 2025, with listing likely on September 17, 2025, on both NSE and BSE. Pantomath Capital Advisors Pvt. Ltd. is the lead manager, while Kfin Technologies Ltd. is the registrar.
Grey Market Premium (GMP)
According to market observers, the Dev Accelerator IPO is trading at a grey market premium (GMP) of ₹9. Based on the upper price band of ₹61, this suggests a potential listing price of around ₹70, implying a premium of nearly 14.75%. Analysts, however, caution that GMP trends are volatile and should not be the sole basis for investment decisions.