Dev Accelerator's IPO sees 6,000% retail subscription
Dev Accelerator's IPO, priced at ₹61 per share, saw huge demand—getting bids for over 13.64 crore shares against just 23 lakh on offer.
Retail investors were especially excited, subscribing nearly 59 times their allotted portion.
Company runs co-working spaces across 11 cities
Dev Accelerator runs flexible workspaces—think co-working spaces—with over 14,000 seats across 28 centers in 11 cities and an impressive occupancy rate of around 87%.
The company is using the IPO funds to open four new centers and pay down debt.
They've also branched out into HR and IT services through Saasjoy and handle recruitment and payroll via Scaleax Advisory.
Some analysts see promise in stock
For FY25 so far, Dev Accelerator posted a net profit of ₹1.8 crore.
Some analysts are cautious: the estimated P/E ratio is a steep ~310 (much higher than competitors like Awfis), which could be risky due to current lease liabilities.
Still, others see promise thanks to its diverse service offerings and growth plans—the stock lists September 17 if you want to keep an eye out.