Dev Accelerator shares make flat market debut; later jump over 5%

New Delhi: Shares of Dev Accelerator Ltd made a flat market debut on Wednesday, but later jumped over 5 per cent against the issue price of Rs 61.

The stock listed at Rs 61.30, marginally up by 0.49 per cent from the issue price of Rs 61 on the BSE. However, later the stock bounced back and climbed 5.50 per cent to Rs 64.36 -- the upper circuit limit.

At the NSE, shares of the firm listed at par with the issue price of Rs 61. Later, the stock jumped 5 per cent to Rs 64.05 -- the upper circuit limit.

The company's market valuation stood at Rs 578.01 crore.

The initial public offer of Dev Accelerator Ltd received 63.97 times subscription on the final day of bidding on Friday last week.

The company's initial share sale had a price band of Rs 56 to Rs 61 per share.

Dev Accelerator (DevX) is promoted by the listed entity Dev Information Technology Ltd.

The company's IPO was entirely a fresh issue of 2.35 crore equity shares worth Rs 143.35 crore at the upper end of the price band.

The firm plans to utilise proceeds for "fit-outs" in the new centres and their security deposits, payment of debt, and general corporate purposes, including strategic initiatives, strengthening marketing capabilities, brand building exercises and payment of lease liabilities.

The capital infusion will enable DevX to expand its footprint in major cities, including Mumbai, Gurugram, Noida, Pune, Chennai, GIFT City, Ahmedabad, Vadodara, Rajkot, Surat, Goa, and Jaipur.