Dev Accelerator Ltd's IPO Fully Subscribed on First Day
Dev Accelerator Ltd's IPO, offering flexible office spaces, was fully subscribed on its debut day, receiving bids for 2.14 times its shares on offer. Major interest was observed from retail investors. The funds will support expansion across multiple Indian cities, alongside debt repayment and corporate initiatives.
- Country:
- India
On its first day of bidding, Dev Accelerator Ltd's IPO was fully subscribed, demonstrating a robust investor appetite for the provider of flexible office spaces. The IPO, which offers 2.35 crore equity shares, saw significant interest, especially from retail investors who subscribed 7.10 times their allotted shares.
As per data from the National Stock Exchange (NSE) by 11:54 hours, overall, the IPO was subscribed 2.14 times, with the initial share sale attracting bids for over 2.80 crore shares against the 1.31 crore shares offered. Qualified Institutional Buyers showed more conservative interest, with a subscription rate of 1.09 times, while non-institutional investors subscribed at 1.05 times.
Dev Accelerator Ltd plans to employ the proceeds from the IPO, valued at Rs 143.35 crore at the upper price band, for various strategic purposes. These include fitting out new centers, paying security deposits and debts, along with bolstering corporate strategies and brand building to expand its reach in key Indian cities.
(With inputs from agencies.)
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