Dev Accelerator Ltd's IPO Generates Strong Investor Demand

Dev Accelerator Ltd's initial public offering (IPO) attracted significant attention, achieving a subscription rate of 16.08 times by the second day of its share sale on Thursday, according to NSE data.

Retail Individual Investors led the charge, with a subscription rate of 59.31 times, while the non-institutional investors segment saw a 15.36 times interest. Qualified Institutional Buyers subscribed at 2.40 times. The company's IPO, fully a fresh issue of 2.35 crore shares, has a price band of Rs 56 to Rs 61 per share.

Dev Accelerator, promoted by Dev Information Technology Ltd, plans to use the funds raised for expanding its presence in cities like Mumbai, Chennai, and Ahmedabad. The capital will also cover strategic growth initiatives and debt payment.

(With inputs from agencies.)