Dev Accelerator Shares List Flat, Jump 5% to Upper Circuit After IPO
Dev Accelerator made a flat debut on the stock market, listing at its IPO price, but soon hit the 5% upper circuit. Despite strong IPO demand and grey market buzz, analysts advise investors to stay cautious given modest profit margins and debt levels.
10:53 AM Sep 17, 2025 IST
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Aakash Khuman
Dev Accelerator shares listed on September 17 at Rs.61 per share on NSE, matching the IPO price. On BSE, it opened with a marginal 0.49% premium at Rs.61.30 apiece. Soon after, the stock gained around 5% to touch its upper circuit at Rs.64.05.
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Grey market premium mismatch
The muted debut surprised many investors as unlisted shares were trading with a 10% grey market premium (GMP) before listing, according to Investorgain data. The Rs.143 crore IPO was subscribed nearly 64 times between September 10–12, reflecting strong investor interest.
IPO details
Dev Accelerator raised Rs.143.35 crore through a fresh issue of 2.47 crore equity shares, priced in the band of Rs.56–61. The coworking solutions company has a strong presence in Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot, and Vadodara, with over 250 clients and 28 centers, managing 8.6 lakh sq. ft. of space. It competes with peers like Awfis, Smartworks, and Indiqube.
Expert views
Market experts remain divided.
- Shivani Nyati, Swastika Investmart: While demand for flexible workspaces is growing, Dev Accelerator’s modest margins and high debt mean only risk-taking investors should hold with a stop-loss at Rs.50.
- Master Capital Services: The company is well-positioned to capture India’s expanding Grade A office market, projected to grow at a CAGR of 6.7% till 2027. Suitable for long-term investors.
- Anand Rathi: Recommends long-term subscription, citing Dev Accelerator’s strong presence in both Tier 1 and Tier 2 markets and its full-stack office space solutions.
Long-term outlook
With flexible workspaces in high demand from startups, SMEs, and corporates, Dev Accelerator is tapping into a rapidly expanding market. While the IPO received overwhelming response, cautious optimism is advised for investors tracking its performance in the medium to long term.
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