Dev Accelerator share price: Stock makes flat listing on NSE at par with IPO issue price

The stock started trading at ₹61 per share on the National Stock Exchange (NSE), which is at par with the issue price of ₹61 per share.

On the BSE, it listed at ₹61.30, up 0.49% from the issue price.

Dev Accelerator share price: Here's how much investors made per lot

The initial public offer of Dev Accelerator had attracted a 63.97 times subscription during the subscription window. It secured bids for 84,10,19,175 shares compared to 1,31,47,075 shares on offer, according to consolidated NSE data.

Retail Individual Investors (RIIs) led the bidding with a 164.72 times subscription. The quota for non-institutional investors (NIIs) got 87.97 times subscription, while the Qualified Institutional Buyers (QIBs) category got subscribed 20.30 times.

The company's public offer, with a price band of ₹56 to ₹61 per share, was only a fresh issue of 2.35 crore shares worth ₹143.35 crore.

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

Dev Accelerator Ltd intends to use proceeds for "fit-outs" in the new centers and their security deposits, payment of debt available by the company, and corporate general purposes, including strengthening marketing capabilities, strategic initiatives, brand-building exercises and payment of lease liabilities.

The company provides flexible space solutions under the DevX brand. The company expects the capital infusion will allow it to expand its footprint in major cities, including Mumbai, Noida, Pune, Gurugram, Chennai, GIFT City, Vadodara, Rajkot, Surat, Ahmedabad, Goa, and Jaipur.