Dev Accelerator IPO Draws Massive Investor Frenzy on Final Day; Retail Demand Peaks

New Delhi, September 12, 2025 — Dev Accelerator Ltd’s ₹143 crore Initial Public Offering (IPO), which closed today, received a phenomenal response from investors, with bids for more than 84.14 crore shares against 1.31 crore shares available. The issue was subscribed to 64 times overall, which shows incredible demand from all categories of investors.

Retail Investors Drive the Surge

The IPO was mostly propelled by retail investors who subscribed to their shares 164.89 times, representing one of the most robust retail investor bidding from small investors in the history of recent SME IPO’s.

Their significant participation represented a clear, strong belief in Dev Accelerator’s business model and growth strategy.

Strong NII and QIB Participation

The non-institutional investors also contributed strongly, with their quota getting 87.97 times oversubscribed. For non-institutional investors, high-value bidders above ₹10 lakh got subscribed 78.94 times, while mid-range bidders below ₹10 lakh surged to 106.01 times. Qualified Institutional Buyers (QIBs), excluding Anchor Investors, showed good participation with a subscription of 20.30 times. Anchor Investors had fully subscribed to their quota of 1.03 crore shares at the outset of the issue.

Employees and Shareholders Join the Rally

Employees participated beyond the conventional boundaries: employees subscribed 17.60 times; shareholders of the parent Dev Information Technology Ltd subscribed 46.97 times. The unexpected enthusiasm from these two groups demonstrated strong trust not only from retail and institutional investors, but from those stakeholders who are associated with the company.

IPO Structure and Timeline

The price band for the IPO was ₹56 to ₹61 per Share. The minimum lot size for bidding was 235 shares, meaning an investment of ₹14,335 was needed at the upper band. The issue opened for bidding on September 10 and closed on September 12, with listing on September 17, 2025, on the BSE SME.

About Dev Accelerator Ltd

Dev Accelerator, or DevX as it’s known, is a coworking and flexible workspace company based in Ahmedabad. DevX is managing 25 centers in 11 cities, with over 230 clients in total. DevX will use the funds it raises from the IPO for workspace fit-outs, lease security deposits, debt repayment and expansion to other big cities in India, such as Mumbai, Gurugram, Pune, and GIFT City.

Outlook

The enthusiastic demand from investors for Dev Accelerator’s IPO reflects increasing confidence in India’s coworking and flexible workspace sector. The company, with its aggressive expansion model and strong financial backing, is well-positioned to capitalize on the increasing demand for shared office spaces.

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