DevX IPO: Issue Oversubscribed 1.8X On Day 1 So Far

Coworking space provider DevX’s (Dev Accelerator) IPO got off to a strong start, with the public issue oversubscribed by 1.8X at 11:30 on the first day of bidding. The IPO received bids for 2.43 Cr shares as against 1.31 Cr shares on offer.

The retail investors’ portion saw the highest subscription at 5.9X, receiving bids for 1.35 Cr shares against 23 Lakh shares on offer.

Qualified institutional buyers (QIBs) bid for 75.57 Lakh shares against 69.01 Lakh shares on offer, resulting in 1.1X subscription. Non-institutional investors (NIIs) bid for 27.24 Lakh shares compared to 34.50 Lakh shares reserved for them, translating to a 0.79X subscription.

The portion reserved for employees was subscribed 0.9X.

DevX has set a price band of INR 56 to INR 61 for its IPO, which comprises only a fresh issue of up to 2.35 Cr shares. At the upper end of the price band, DevX plans to raise INR 143.3 Cr from the IPO.

Yesterday, the company raised INR 63.2 Cr from anchor investors.

Founded in 2017 by Parth Shah, Rushit Shah and Umesh Uttamchandani, DevX provides managed office spaces, coworking spaces, designing services, among others. It claims to be one of the largest flex space operators in terms of stock in tier II cities in the country.

(The story will be updated soon.)

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