[Update] DevX IPO: Issue Closes With 64X Oversubscription

DevX IPO: Issue Oversubscribed 26X On Day 3 So Far

SUMMARY

DevX’s issue ended the final day with 63.97X oversubscriptions, with investors bidding for 84.1 Cr shares as against 1.32 Cr shares on offer

Retail investors were the most bullish, oversubscribing their quota by about 165X

Coworking space provider DevX will be raising INR 143.3 Cr from its public issue, which comprises solely of a fresh issue of up to 2.35 Cr shares

Update | September 12, 19:18 IST

The IPO of DevX closed with an oversubscription of about 63.97X, with investors bidding for 84.1 Cr shares as against 1.32 Cr shares on offer.

The portion for retail investors was subscribed the most at 164.72X, getting bids for 37.89 Cr shares against the over 23 Lakh shares on offer.

The portion reserved for non-institutional investors (NIIs) was oversubscribed 87.97X oversubscription. These investors bid for 30.35 Cr shares against the 34.51 Lakh shares on offer.

Meanwhile, qualified institutional buyers (QIBs) placed bids for 14.01 Cr shares as against the 69.02 Lakh shares reserved for them, resulting in an oversubscription of 20.3X.

Original | September 12, 12:12 IST

Coworking space provider DevX’s public issue continued to see high investor interest during the final day of bidding, with the issue oversubscribed 26X at 11:21 today. It received bids for 34.34 Cr shares as against 1.31 Cr shares on offer.

Retail investors were the most bullish, oversubscribing their quota almost 90X. They placed bids for 20.54 Cr shares against 23 Lakh shares on offer.

Trailing retail investors were non-institutional investors (NIIs), who bid for 11.47 Cr shares against 34.5 Lakh shares earmarked for them. This translated to 33X oversubscription.

Interest from qualified institutional buyers (QIBs) was steady on Day 3. They placed bids for 1.67 Cr shares against 69 Lakh shares reserved for them, leading to 2.4X oversubscription.

Employees applied for 14.41 Lakh shares compared to 1.6 Lakh shares on offer, translating to 8.7X subscription.

DevX’s IPO solely comprises a fresh issue of up to 2.35 Cr shares. The company has set a price band of INR 56 to INR 61 for the public issue. At the upper end of the price band, DevX would raise INR 143.3 Cr from the IPO and would be valued at INR 550.1 Cr (about $62 Mn).

Earlier this week, DevX raised INR 63.2 Cr from anchor investors. The public issue will close later today and the shares are expected to list on the stock exchanges on September 17.

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.

DevX plans to deploy INR 73.1 Cr of its IPO proceeds for fit-outs of four new centres in Surat, Pune, Ahmedabad, and its first international centre in Sydney. Besides, INR 35 Cr will be allocated for repayment or pre-payments of certain borrowings and the remainder for general corporate purposes.

Post its public market debut, the Ahmedabad-based company will become the fourth listed coworking space provider after Awfis, Smartworks and IndiQube.

On the financial front, DevX recorded a 3X jump in its net profit to INR 1.7 Cr in FY25 from INR 43.3 Lakh in the previous fiscal year. Its operating revenue zoomed 47% to INR 158.9 Cr from INR 108.1 Cr in FY24.

Along with DevX, the IPO of another new-age tech company – Urban Company – will also close today. The consumer services company’s INR 1,900 Cr issue was oversubscribed 15X on the final day of bidding so far.