Dev Accelerator IPO Subscribed 1.92x Within Hours on Day 1; Retail Portion Oversubscribed 6.19x

New Delhi, September 10, 2025: Dev Accelerator Ltd (DevX) received a robust investor response as its ₹143 crore IPO got subscribed completely within the initial hours of Day 1 of bidding. As of 11:34 AM, cumulative bids had already exceeded the size of the total offer of 1.31 crore shares, while overall subscription jumped to 1.92 times.

Subscription Status (as of 11:34 AM, Sept 10, 2025)

As of 11:34 AM on September 10, 2025, the IPO was subscribed 1.92 times in total, led by high retail subscription.

• The Qualified Institutional Buyers (QIBs) category was subscribed in full, having received bids for 75.57 lakh shares as against 69.01 lakh on offer, a subscription of 1.09 times.
• The Non-Institutional Investors (NIIs) segment was subscribed 0.84 times, with bids for 29.03 lakh shares against 34.50 lakh available.
• Retail investors had the most interest. The Retail Individual Investors (RIIs) segment was subscribed 6.19 times, with bids for 1.42 crore shares against 23 lakh offered.
• The employees’ quota was nearly covered, with bids for 1.50 lakh shares against 1.64 lakh available, a subscription of 0.92 times.
• The shareholder reservation was also subscribed at 1.06 times, receiving bids for 3.48 lakh shares against 3.29 lakh offered.

On the whole, the IPO received bids for 2.51 crore shares compared to 1.31 crore on offer, indicating strong demand during the first few hours of Day 1.

Strong Start After Anchor Allotment

This comes a day after the company raised ₹63.15 crore from anchor investors, allotting 1.03 crore shares at ₹61 per share to 11 marquee investors such as Finavenue Growth Fund, Sunrise Investment Opportunities Fund, and Universal Sompo General Insurance.

Dev Accelerator IPO Details

Dev Accelerator opened its ₹143 crore IPO today, which will be a complete fresh issue of equity. Dev Accelerator IPO has been priced between ₹56 and ₹61 per share. Investors can apply in lot sizes of 235 shares, with a minimum requirement of ₹14,335 at the higher end of the price band.

The issue will remain open for subscription between September 10 and September 12, 2025, and the shares will be listed on the exchanges on September 17, 2025. Pantomath Capital Advisors Pvt. Ltd. is handling the issue as a book-running lead manager, and Kfin Technologies Ltd. has been appointed as the registrar.

About Dev Accelerator

DevX from Ahmedabad, which is backed by Dev Information Technology Ltd, offers flexible business spaces, coworking solutions, and asset management services. Having 25 centres in 11 cities with a client list of more than 230 corporates, the company is going to use IPO funds to expand into metros like Mumbai, Gurugram, Pune, and GIFT City.

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