received a robust response on the first day of bidding, driven by heavy participation across categories.
The initial share sale received bids for 5,16,41,250 shares against 1,31,47,075 shares on offer, translating into 3.93 times subscription at 2.33 pm.
Retail investors garnered 14.21 times subscription. The qualified institutional buyers (QIBs) received 1.16 times subscription, and the non-institutional investors received 2.80 times subscription. The portion reserved for shareholders stood at 3.03 times and employee portion stood at 1.78 times.
The company promoted by listed entity Dev Information Technology Ltd fixed a price band of ₹56-61 per share.
The IPO is entirely a fresh issue of 2.47 crore equity shares worth ₹143 crore at the upper end of the price band. At the upper end, the company’s market validation stood at ₹550 crore.
Investors can bid for one lot of 235 shares and in multiples of 235 thereafter.
The company received 63 crore from anchor investors on allotment of 1.03 crore shares, including Universal Sompo General Insurance Company Ltd, Abans Finance, Finavenue Capital Trust and Sunrise Investment Opportunities Fund.
Use of funds
The company has proposed to utilise the net proceeds from the fresh Issue towards capital expenditure for fit-outs in the proposed centres estimated to ₹73 crore; repayment and/or pre-payment, in full or part, of certain borrowings availed by the company including redemption of non-convertible debentures estimated to ₹35 crore; and balance towards general corporate purposes.
Pantomath Capital Advisors Pvt Ltd is the book running lead manager to the IPO issue.
The IPO concludes on September 12, 2025 and the shares will likely list on September 17.
Brokerages
Brokerages have been optimistic. Anand Rathi Research has assigned a subscribe for long-term rating. Despite near-term valuations appearing stretched, the firm believes in the company’s structural growth story, it added.
Expansion into Tier-1 and an upcoming overseas foray add long-term potential, stressed Reliance Securities, recommending to subscribe.