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.

⚠ Disclaimer: Not Financial Advice The information provided on GMP Radar is for educational and informational purposes only. We are not SEBI-registered financial advisors. IPO GMP (Grey Market Premium) is a volatile and unregulated market indicator. Investors should conduct their own research and consult a certified financial advisor before making any investment decisions based on the content of this blog.
Suraj P. Choudhary

About the Author Founder & Market Analyst

Suraj P. Choudhary is the founder of GMP Radar. With a robust professional background as a Shift Incharge in Instrumentation and Automation, Suraj brings an engineer's precision to the financial markets.

He specializes in decoding Grey Market Premiums (GMP) and conducting technical analysis for IPOs. His mission is to cut through the market noise and provide retail investors with transparent, data-backed insights for smarter decision-making.