Dev Accelerator share price makes flat debut, lists at ₹61 on NSE, same as IPO price

Dev Accelerator IPO Listing: Dev Accelerator share price made a muted debut in the Indian stock market today, September 17. Dev Accelerator share price listed on Wednesday at ₹61 apiece on NSE, the same as its issue price. On BSE, it listed at ₹61.30, up just half a per cent from the IPO price.

Despite a strong listing, Dev Accelerator IPO underperformed Street expectations, as seen from the grey market premium (GMP). The GMP for the IPO stood at ₹6 per share, which indicated a likely listing price of around ₹67 — translating to a premium of 9.84 per cent over the upper end of the issue price band.

Dev Accelerator made a flat entry on the NSE and BSE on September 17, 2025, after completing its IPO successfully. The public issue opened on September 10 and closed on September 12, with share allotment finalised on September 15.

The company raised ₹143.35 crore through a fresh share sale of 2.35 crore equity shares, with no offer for sale component. The IPO had a lot size of 235 shares. This meant an investment of ₹14,335 for retail investors at the upper price band.

Dev Accelerator’s IPO closed with strong demand across investor categories. Retail investors led the response, subscribing 164.72 times, while non-institutional investors (NIIs) subscribed 87.97 times. Qualified Institutional Buyers (QIBs) also showed solid interest with a 20.30 times subscription. By the third day of bidding, the overall subscription had already reached 63.97 times, according to BSE data. Ahead of the opening, the firm raised ₹63.15 crore from anchor investors on September 9, further signalling robust demand.

The company plans to use the funds raised to finance fit-outs at upcoming centres, provide for their security deposits, repay existing debt, and meet general corporate requirements. These include strategic initiatives, enhanced marketing efforts, brand development, and lease-related obligations.

With the fresh capital, DevX aims to strengthen its presence across key cities such as Mumbai, Gurugram, Noida, Pune, Chennai, GIFT City, Ahmedabad, Vadodara, Rajkot, Surat, Goa, and Jaipur.

Pantomath Capital Advisors Pvt. Ltd acted as the lead manager for the issue, while Kfin Technologies Ltd was the registrar.

Founded in 2017, Dev Accelerator (DevX) has established itself as a leading provider of flexible office solutions, including coworking spaces. Over the years, the company has rapidly scaled its operations, expanding to 15 centres across key business hubs such as Delhi-NCR, Hyderabad, Mumbai, and Pune.

DevX’s model is built around offering adaptable workspace solutions designed to meet the changing demands of modern businesses. From customizable desks and private suites to flexible lease structures, the company caters to enterprises embracing hybrid and remote work trends.

Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.

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