The Dev Accelerator IPO has generated significant buzz in the market, driven by substantial oversubscription and keen investor interest. The ₹143.35 crore IPO, which is entirely a fresh issue of 2.35 crore equity shares, witnessed an overwhelming response, being subscribed 63.97 times overall.

Subscription Details

The IPO, which opened on September 10, 2025, and closed on September 12, 2025, saw impressive subscription rates across all investor categories. Retail investors led the charge, subscribing a massive 164.72 times their allotted quota. Non-Institutional Investors (NIIs) followed with a subscription of 87.97 times, while Qualified Institutional Buyers (QIBs) subscribed 20.30 times. Even the portions reserved for employees and existing shareholders saw considerable interest, with subscriptions of 17.6 times and 47 times, respectively.

Allotment Status

The allotment of shares was finalized on September 15, 2025. Successful allottees will have received the shares in their demat accounts on September 16, 2025, the same day refunds were initiated for unsuccessful applicants. Given the massive oversubscription, particularly in the retail category, the chances of securing an allotment were quite slim, with allotment largely determined by a lottery system.

Investors can check their allotment status through the Kfin Technologies Ltd portal, which served as the IPO registrar, as well as on the websites of the BSE and NSE.

Grey Market Premium (GMP) and Listing Prediction

Ahead of the listing, the Grey Market Premium (GMP) for Dev Accelerator shares has been fluctuating. On September 15, 2025, the GMP was ₹8, indicating that the share price was trading at a premium of ₹8 in the grey market. Taking into account the upper end of the IPO price band (₹61) and the GMP, the estimated listing price was around ₹69 per share, approximately 13.11% higher than the issue price. Another report on the same day noted a GMP of ₹6, which translated to an estimated listing price of ₹67, or 9.84% higher than the issue price.

However, earlier reports on September 12, 2025, indicated a GMP of ₹10, suggesting an expected listing price of ₹71 per share, a premium of 16.39%.

Listing Date

Dev Accelerator shares are scheduled to be listed on both the BSE and NSE on Wednesday, September 17, 2025.

Company Overview

Dev Accelerator Ltd, promoted by Dev Information Technology Ltd, offers adaptable office spaces, including coworking environments. As of May 2025, the company operated 28 centers across 11 Indian cities, managing over 8.6 lakh sq. ft. of space with over 14,000 seats and serving more than 250 clients. The company has demonstrated strong financial growth, with revenues increasing from ₹30.9 crore in FY22 to ₹158.9 crore in FY25, and turning profitable with a Profit After Tax (PAT) of ₹1.7 crore in FY25.

Financial Performance and Valuation

Dev Accelerator's revenue increased by 62% from ₹110.73 crores in March 2024 to ₹178.89 crores in March 2025, while its PAT rose by 303% from ₹0.43 crores to ₹1.74 crores.

Despite the positive financial performance, some analysts suggest caution due to valuation concerns. SBI Securities estimated a high FY25 P/E multiple of 310.10 for Dev Accelerator, significantly above its listed peers. However, Anand Rathi recommended subscribing to the IPO, citing the company's expanded services and long-term potential.

Important Considerations

The Grey Market Premium (GMP) is just an indicator and not a guarantee of listing performance. Market conditions and investor sentiment can change quickly, impacting the actual listing price.