It is a busy day at the listing lane. Dev Accelerator has also made its D-Street debut along with Urban Company, Shringar House of Mangalsutra. The Dev Accelerator IPO was a relatively smaller issue, but in terms of both subscription and GMP, the IPO saw a strong response from investors.
Dev Accelerator IPO Subscription
The Dev Accelerator IPO was subscribed 64 times. The retail category saw the highest subscription at 164.89x while the QIBs saw a subscription of 20.30 times. The subscription numbers for the NII category was also strong at 87.97 times.
Dev Accelerator IPO details
The Dev Accelerator IPO was a Rs 143.35 crore book-built issue. There is no Offer for Sale component in this issue and it is a completely fresh issue. 2.35 crore shares were on offer.
The Dev Accelerator IPO was on between September 10-12. The issue price band was fixed at Rs 61 per share and the allotment for the same was finalised on September 15.
Dev Accelerator IPO lot size
The minimum lot size for the Dev Accelerator IPO was fixed at 235. Essentially 1 lot comprised 235 shares for the retail investors and this entailed an investment of Rs 14,335 per lot. For sNII, the minimum investment was 14 lots comprising 3,290 shares and the total investment amount was Rs 2,00,690. For bNII, it was slightly higher at 70 lots comprising 16,450 shares).
Dev Accelerator IPO: Anand Rathi says issue fully priced in
The Dev Accelerator IPO attracted encouraging views from analysts. However, most market observers highlighted that the issue was fully priced at the higher end of the IPO price band. “At the upper end of the price band, the company is valued at 305x FY25 P/E and 3.5x P/S. It has broadened its offerings to include HR, IT, and software services through Saasjoy to strengthen client retention and address evolving workplace and technology needs. Additionally, via its associate Scaleax Advisory Private Limited, it helps GCCs build global teams in India by providing facility and payroll management, as well as
recruitment solutions like talent sourcing, AI-based screening, and team augmentation. Considering these factors, the IPO is viewed as fully priced,” added Anand Rathi.