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Dev Accelerator IPO Analyst Review – Should You Hold, Exit or Add on Listing?

Dev Accelerator IPO – Analyst Perspective

The Dev Accelerator IPO closed with a remarkable subscription of 31.11x, reflecting strong investor appetite. With the listing date set for 17 September 2025, investors are debating whether to Hold, Exit or Add positions post-listing.

Quick Facts – Dev Accelerator IPO

  • IPO Size: ₹143.35 crore
  • Price Band: ₹56 – ₹61
  • Lot Size: 235 shares
  • Listing Date: 17 September 2025
  • Exchanges: NSE, BSE
  • Registrar: KFin Technologies

Subscription Breakup

The IPO received robust demand across investor categories:

  • Retail Investors: 24.7x
  • Non-Institutional Investors (NII/HNI): 39.2x
  • Qualified Institutional Buyers (QIB): 52.4x

This indicates broad-based participation, with strong institutional support suggesting long-term confidence in the company.

GMP Trends

The latest Dev Accelerator IPO GMP indicates a premium of ₹18–₹20 in the grey market. While GMP is only an unofficial indicator, it suggests a likely 25–30% listing gain if sentiment remains positive.

Business Model & Financials

Dev Accelerator operates in the IT solutions and consulting domain, catering to both domestic and international clients. The company’s revenue has shown a CAGR of ~20% over the past three years, with improving profit margins.

  • FY23 Revenue: ₹212.4 crore
  • FY23 Net Profit: ₹18.6 crore
  • Net Profit Margin: ~8.7%
  • RoE: 15.2%

Valuation Check

At the upper price band of ₹61, the issue is valued at a P/E of ~17x on FY23 earnings. Considering industry peers trade in the range of 20–25x, the IPO is fairly priced with scope for listing upside.

Risks to Watch

  • High client concentration in the top 5 accounts.
  • Global IT demand slowdown could impact margins.
  • SME IPOs tend to be more volatile post-listing.

Analyst Recommendation – Hold, Exit or Add?

BigRock Capital View: Given the strong subscription (31.11x), healthy GMP, and reasonable valuation, we expect a 25–30% listing gain. Our recommendation is:

  • Retail Investors: HOLD for potential listing gains.
  • HNI Investors: Can consider PARTIAL EXIT on listing day to lock profits.
  • Long-Term Investors: May ADD gradually post-listing dips if financial growth continues.

Interlinked Insights

You may also check related coverage on Karbonsteel Engineering IPO, Current Infraprojects IPO, and Anondita Medicare IPO for sector-wide insights.

For a better understanding of IPO documents, explore our guides on DRHP and RHP.

Conclusion

The Dev Accelerator IPO stands out with strong subscription demand and justified valuations. Our analyst team suggests a cautious HOLD on listing, with partial profit booking for risk-averse investors and adding on dips for long-term exposure.

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