By Kavita Iyer 
New Delhi, September 17: Dev Accelerator’s first day on the stock market did not unfold exactly as investors had imagined. After weeks of excitement in the grey market and a subscription frenzy, the stock opened on the NSE at ₹61 and on the BSE at ₹61.30, essentially flat compared to its issue price of ₹61.
The slow start was not what the grey market premium had suggested. Yet within the first hour, the mood turned. The stock gathered pace and hit the 5 percent upper circuit at ₹64.05 on the NSE, showing that investor appetite, especially among retail buyers, remains very much alive.
Oversubscribed IPO, Muted Opening
The company had raised ₹143.35 crore entirely through a fresh issue, with no offer for sale. According to Business Standard, the IPO was subscribed nearly 64 times overall, with retail investors leading the charge at 164 times their quota. Non-institutional investors also came in strong, while institutional buyers showed more restraint.
The price band was set at ₹56 to ₹61, and before the listing, the grey market was quoting a premium of about ₹6, hinting at a debut closer to ₹67. For those who missed out on allotment during the oversubscription, hopes were high for listing gains. The flat opening was a reality check.
Catch-Up Buying Pushes Stock Higher
What changed the mood was the surge of trades right after the listing. On both exchanges, the stock quickly climbed from the issue price to the upper circuit. Moneycontrol reported that the jump looked like catch-up buying from investors who had been shut out during allotment but wanted exposure once the stock hit the market.
The move underlined two points. Retail interest in SME IPOs remains strong. And investors are often quick to forgive a quiet opening if they sense momentum in early trading.
Stakes For The Company
Unlike IPOs where promoters use the issue to trim stakes, Dev Accelerator raised funds only through a fresh issue. The ₹143 crore collected will be directed into working capital needs, technology upgrades and expansion plans. That makes the company’s ability to deliver on its promises even more critical.
Its pitch is straightforward. It wants to position itself as a technology partner for small and medium enterprises, offering digital solutions and IT acceleration at a time when India is pushing hard on digitisation. The challenge will be proving that its business model can scale while fending off competition in a crowded space.
Grey Market Miss And Market Sentiment
The mismatch between the grey market premium and the actual listing is also a sign of how sentiment is shifting. Grey market pricing is often treated as a signal, but in practice it has become increasingly unreliable. In recent months, several SME IPOs have opened below their grey market quotes, reflecting a degree of over-enthusiasm before listing.
Analysts note that while retail investors continue to chase IPOs aggressively, institutional buyers are taking a more measured view, preferring to see how businesses perform post-listing before committing. This may signal a healthier balance in the market after a year of excessive optimism.
The Larger SME IPO Story
The SME IPO segment has been on fire through 2024 and 2025. Oversubscriptions above 100 times are no longer rare, and IPOs have become a popular hunting ground for retail investors looking for fast gains. Regulators have warned of the risks, pointing out that not all companies coming to market have the fundamentals to justify such frenzy.
Dev Accelerator’s first day will be seen as another example of the two-sided nature of this market. A flat listing may have disappointed grey market players, but the quick rush to the upper circuit showed that retail enthusiasm is still intact.
What To Watch Now
The real test lies ahead. Will small investors book profits quickly or hold on in hope of more gains? And can Dev Accelerator deliver results that justify its valuation and ambitious plans?
If the company manages to grow steadily, today’s opening may look like a minor blip. If not, this debut could be remembered as a cautionary tale in a year crowded with IPO hype.
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Former financial consultant turned journalist, reporting on markets, industry trends, and economic policy.
- Kavita Iyerhttps://hindustanherald.in/author/kavita/
- Kavita Iyerhttps://hindustanherald.in/author/kavita/
- Kavita Iyerhttps://hindustanherald.in/author/kavita/
- Kavita Iyerhttps://hindustanherald.in/author/kavita/
