Dev Accelerator IPO: Here’s What GMP Signals as Subscription Closes Today

Flexible workspace operator Dev Accelerator, better known as DevX, has wrapped up one of the most talked-about IPOs of September with overwhelming investor demand. The Rs 143-crore issue, which opened on September 10 and will close on September 12 (today), attracted bids worth more than 28 times the shares on offer.

Dev Accelerator IPO: Subscription status

On the final day of bidding, the company received applications for nearly 37 crore shares against an issue size of just 1.31 crore shares, according to NSE data as of Friday morning. Retail investors powered the frenzy, oversubscribing their reserved quota by almost 95 times. Non-Institutional Investors (NIIs) followed with 36x demand, while Qualified Institutional Buyers (QIBs) subscribed to over twice their allocation.

The IPO was structured as a fresh issue of 2.35 crore equity shares, aiming to raise Rs 143.35 crore. The price band was set between Rs 56 and Rs 61 per share, with a minimum application size of 235 shares (Rs 14,335 at the upper band). Allocation followed the standard 75:15:10 split between QIBs, NIIs, and retail investors. Pantomath Capital Advisors acted as the lead manager, while Kfin Technologies was the registrar.

Dev Accelerator IPO: Grey Market Buzz and listing gains

The strong response was mirrored in the grey market, where DevX commanded a premium of around Rs 10 on Friday. This pegs the likely listing price near Rs 71 per share, implying potential gains of nearly 16% over the issue’s upper price band.

Also Read: Dev Accelerator IPO Opens September 10: Price, GMP, Key Details Investors Must Know | Republic World

Dev Accelerator IPO: Utilisation of Proceeds

DevX has earmarked Rs 73.1 crore from the fresh issue for expanding and furnishing new centres, further strengthening its footprint in India’s booming co-working space. Another Rs 35 crore will go toward debt repayment, including redemption of debentures, while the balance will be set aside for general corporate purposes.

Dev Accelerator IPO: Allotment and listing timeline

The basis of allotment is expected to be finalised by September 15. Refunds and credit of shares to demat accounts are slated for September 16, with the company scheduled to debut on the NSE and BSE on September 17.

About the company

Founded as a flexible workspace provider, DevX has rapidly scaled to become a significant player in India’s managed office ecosystem. As of May 2025, it operates 28 centres across 11 cities including Mumbai, Delhi-NCR, Hyderabad, Pune, and Ahmedabad. Its portfolio spans 8.6 lakh sq. ft., offering seating for over 14,000 professionals.

The company has also posted strong financial growth. For FY25, it reported revenue of Rs 158.9 crore, marking a 47% jump from Rs 108 crore in the previous year. With its IPO success and planned expansion, DevX is positioning itself as a key force in India’s flexible workspace revolution.

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