Dev Accelerator IPO listing date has been scheduled for tomorrow (Wednesday, September 17). Dev Accelerator IPO allotment was finalised yesterday (Monday, September 15). For those who have been allocated shares, the crediting of shares to demat accounts will occur today, Tuesday, September 16. The process of refunding those who have not yet received their shares will likewise be finished today.
The company that provides flexible office spaces, launched its IPO for subscription from Wednesday, September 10 to Friday, September 12. By the conclusion of the bidding period, the offering received a healthy response, particularly from retail investors who subscribed 164.72 times, followed by non-institutional investors (NIIs) who booked 87.97 times. Qualified Institutional Buyers (QIBs) showed a subscription rate of 20.30 times. Notably, on the third day of the IPO, the Dev Accelerator IPO subscription status stood at 63.97 times, as reported by the BSE.
Dev Accelerator IPO reserved not more than 75% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 10% of the offer is reserved for retail investors. Dev Accelerator IPO price band has been fixed in the range of ₹56 to ₹61 per equity share of the face value of ₹10.
Dev Accelerator IPO GMP today
Let’s check what does Dev Accelerator IPO GMP today signal ahead of listing.
Dev Accelerator IPO GMP today, or grey market premium, is Re 1. This indicates Dev Accelerator share price is trading at a premium of Re 1 in the grey market on Thursday, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Dev Accelerator IPO is indicated at ₹62 apiece, which is 1.64% higher than the issue price of ₹61.
According to the activities in the grey market over the past 14 sessions, the current GMP (Re 1) indicates a trend towards declining values. The minimum GMP recorded is ₹0.00, and the maximum GMP is ₹10, as noted by experts.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Dev Accelerator IPO details
The company’s initial public offering includes a newly issued total of 2.35 crore equity shares, estimated at ₹143.35 crore if priced at the higher end of the range. At this maximum price, the estimated market capitalization of the company is around ₹550 crore.
The funds raised will be utilized to cover costs for “fit-outs” at new centers and their security deposits, pay off existing debt, and support general corporate activities, which encompass strategic initiatives, improvements in marketing capabilities, brand development, and settling lease obligations.
With this capital influx, DevX plans to expand its footprint in major cities including Mumbai, Gurugram, Noida, Pune, Chennai, GIFT City, Ahmedabad, Vadodara, Rajkot, Surat, Goa, and Jaipur.
Pantomath Capital Advisors Pvt. Ltd is acting as the lead manager, while Kfin Technologies Ltd will serve as the registrar for the offering.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
