Dev Accelerator IPO ends with subscription of 63.97 times

The initial public offer of Dev Accelerator received bids for 84,10,19,175 shares as against 1,31,47,075 shares on offer. The issue was subscribed 63.97 times. The Retail Individual Investors (RIIs) category was subscribed 164.72 times. The Non-Institutional Investors (NIIs) category was subscribed 87.97 times. The Qualified Institutional Buyers (QIBs) category was subscribed 20.30 times. The issue opened for bidding on 10 September 2025 and it closed on 12 September 2025. The price band of the IPO is fixed between Rs 56 and 61 per share. The issue comprised a fresh issue of 23500000 equity shares of Rs 2 each. Of the net proceeds from the issue, the company proposes to use Rs 73.116 crore towards capital expenditure for fit-outs in the proposed centers; Rs 35 crore towards pre/re-payment in full or part of certain borrowings availed by the company, including redemption of non-convertible debentures issued by the company; and the balance towards general corporate purposes. Dev Accelerator is a flexible workspace solutions provider offering individual desks to customized office spaces. As of May 31, 2025, it operated across 11 cities with 14,144 seats over 8.6 lakh sq. ft. of managed area and 250+ clients. The company derives most of its revenue from managed space services (58.8%) and design & execution (25.4%), with over 55% of revenue from IT/ITES clients. It follows asset-light models like straight lease and landlord-furnished spaces, maintaining 87% occupancy. Promoted by Parth Shah, Umesh Uttamchandani, and others, the firm plans to expand through four new centers. Ahead of the IPO, Dev Accelerator on Tuesday, 9 September 2025, raised Rs 853.87 crore from anchor investors. The board allotted 8.29 crore shares at Rs 103 each to 59 anchor investors. The firm reported a consolidated net profit of Rs 1.74 crore and total income of Rs 158.88 crore for the twelve months ended on 31 March 2025.