Dev Accelerator Ltd's IPO Soars with 5.33 Times Subscription

Dev Accelerator Ltd's IPO has been subscribed 5.33 times on its opening day. The company raised Rs 63 crore from anchor investors and aims to expand its operations across major Indian cities. The funds will be utilized for new centre fit-outs, debt payment, and marketing initiatives.

Dev Accelerator Ltd's initial public offering (IPO) witnessed a strong response, being subscribed 5.33 times on the first day. This marked a significant interest in the firm's offering for flexible office spaces.

According to data from the National Stock Exchange, the IPO received bids for around 7 crore shares against an offering of just over 1.3 crore. Retail Individual Investors displayed the highest enthusiasm, bidding 19.53 times the available shares, while other investor categories also showed solid interest.

Funds from the IPO, expected to raise Rs 143.35 crore, will be used for strategic expansion and increasing Dev's market presence across top Indian cities. The proceeds will support infrastructure advancements and help settle existing corporate debts.

(With inputs from agencies.)