Dev Accelerator IPO Day 2: Issue subscribed over 16x, retail investors take lead; check category-wise status

Until 5 PM, it received bids for 211,404,355 shares as compared to 13,147,075 shares on offer.

The category for Retail Individual Investors (RIIs) fetched the highest booking with a subscription of 59.31 times, while the quota for non-institutional investors received 15.36 times subscription. The portion for Qualified Institutional Buyers (QIBs) was booked 2.40 times.

The initial public offering, with a price band of ₹56 to ₹61 per share, will conclude on Friday, September 12. An application size for the IPO consists of 235 shares.

The company's IPO is purely a fresh issue of 23,500,000 equity shares aggregating to ₹143 crore. The capital raised will be used for "fit-outs" in the new centres and their security deposits, corporate general purposes and debt repayment.

Pantomath Capital Advisors Private Limited is the IPO's book-running lead manager, while KFin Technologies is the registrar.

Before the IPO, Dev Accelerator garnered ₹63 crore from anchor investors, including Universal Sompo General Insurance Company Ltd, Abans Finance, Sunrise Investment Opportunities Fund, Finavenue Capital Trust, Chattisgrah Investments Ltd, SB Opportunities Fund II, Shine Star Build Cap, Meru Investment Fund PCC and Vbcube Ventures Fund.

Dev Accelerator is one of the largest flexible space operators in terms of operational flexible stock in tier-two markets, as per the JLL report. It has a presence in both Tier 1 and Tier 2 markets across the country, including regions like Delhi NCR, Mumbai, Pune, Ahmedabad, Hyderabad, Indore, Jaipur, Udaipur, Rajkot, Gandhinagar, and Vadodara.

As of May 2025, it has more than 250 clients and 28 centres across 11 cities, with 14,144 seats covering a total area under management (AUM) of SBA 860,522 square feet.

According to investorgain.com and media reports, Dev Accelerator' unlisted shares are trading at ₹68 per share, reflecting a grey market premium, or GMP, of 11.48% over the upper price band of ₹61.