Fri Sep 12 03:50:00 UTC 2025: Okay, here’s a news article summarizing the Dev Accelerator Ltd. IPO:

**Headline: Dev Accelerator IPO Oversubscribed 44 Times, Listing Price Expected to be 16% Higher Than Issue Price**

**Mumbai, September 12, 2024** – The initial public offering (IPO) of Dev Accelerator Ltd., a provider of flexible workspace solutions under the DevX brand, has garnered significant investor interest, being oversubscribed by 44.09 times on its final day. The IPO closed today, September 12th, with the retail portion seeing a massive 130.84 times subscription rate. Non-institutional investors (NIIs) subscribed 64.82 times, while Qualified Institutional Buyers (QIBs) bid 5.87 times for their allocated shares, Employee portion subscribed 13.49 times, and the portion reserved for shareholders was booked 37.55 times.

The company, sponsored by Dev Information Technology Ltd., offered its shares in a price band of ₹56 to ₹61. Prior to the IPO opening, Dev Accelerator secured ₹63 crore from anchor investors.

Grey market activity suggests a strong listing. According to investorgain.com, the grey market premium (GMP) for Dev Accelerator shares is currently ₹10, indicating an expected listing price of ₹71 per share, a 16.39% increase over the upper end of the IPO price band.

Dev Accelerator plans to utilize the net proceeds from the IPO, which consists entirely of a fresh issue of 2.35 crore equity shares valued at ₹143.35 crore, to finance fit-outs and security deposits for new centers, repay existing debt, and for general corporate purposes including strategic initiatives, marketing enhancements, and lease liability settlements. The company aims to expand its presence across major Indian cities like Mumbai, Gurugram, and Chennai, as well as considering an international venture.

Reliance Securities has recommended subscribing to the IPO, citing DevX’s strong position as a Tier-2 player in the managed workspace sector with high occupancy rates and enterprise-focused solutions. SBICAP Securities, while acknowledging a turnaround in FY24, has taken a neutral stance, citing a high debt-to-equity ratio, and plans to observe the company’s performance post-listing.

Pantomath Capital Advisors Pvt. Ltd. is the lead manager for the IPO, and Kfin Technologies Ltd. is the registrar.

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