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After ending the first day of its IPO with an oversubscription of 5.3X, driven primarily by retail investors, coworking space provider DevX’s public issue gained further momentum on the second day of bidding.
The issue was oversubscribed 9.4X as of 11:54. The IPO received bids for 12 Cr shares against 1.31 Cr shares on offer.
The retail category saw the highest subscription at 37X, receiving bids for 8.52 Cr shares against 23 Lakh shares on offer. It was followed by the portion reserved for non-institutional investors (NIIs), with 8.2X oversubscription. The NIIs bid for 2.91 Cr shares compared to 34.50 Lakh shares reserved for them.
Qualified institutional buyers (QIBs) showed a relatively muted response, bidding for 80 Lakh shares against 69 Lakh shares on offer. The QIB portion was subscribed 1.1X.
Employees bid for 6.8 Lakh shares compared to 1.6 Lakh shares offered, resulting in 4.1X 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, it would raise INR 143.3 Cr from the IPO and would be valued at INR 550.1 Cr (about $62 Mn).
The public issue will close tomorrow and its shares are expected to list on the stock exchanges on September 17.
Earlier this week, DevX 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)
The post DevX IPO: Issue Oversubscribed 9.4X On Day 2 appeared first on Inc42 Media.
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