Three mainboard , namely Dev Accelerator, Urban Company and Shringar House of Mangalsutra, opened for public subscription on Wednesday. High-profile Urban Company and Dev Accelerator IPOs are in focus as they demonstrate robust investor appetite in India’s primary market, catering to different investor mindsets.
Dev Accelerator, the workspace solutions provider, opened its ₹143.35-crore IPO to healthy demand from retail investors and closed the first day oversubscribed by 5.33 times.
The home-services marketplace Urban Company’s much larger ₹1,900-crore issue drew intense interest and was fully subscribed within hours, prompting upbeat notes from brokerages.
Quick snapshot of day 1 subscription, entering day 2
Dev Accelerator: The issue with a price band of ₹56–61 , led by very strong retail demand. The initial share sale received bids for 7,00,80,995 shares against 1,31,47,075 shares on offer, translating into 5.33 times subscription.
At 10.27 am on September 11 (Day 2), the IPO received 9,38,87,670 bids, translating to 7.14 times subscription.
Urban Company: The larger issue (price band ₹98–103) received bids for 33,37,81,735 shares against 10,67,73,244 shares on offer, on day 1. At 10.30 am on September 11 (Day 2), it was subscribed 4.09 times, with 43,70,62,335 bids.
What brokerages are suggesting investors
Brokerages have been broadly positive on the two offers.
Dev Accelerator IPO: The Street commentary has been constructive about the company’s growth in Tier-2 and flexible office markets and some analysts described the IPO as a long-term buy at the price band — citing capital planned for expansion and debt repayment. Some also flagged the company-specific risks such as customer concentration, asset/real-estate exposure and competition.
Urban Company IPO: Large broking houses and experts have largely recommended subscribing with a long-term horizon. Analysts highlight Urban Company’s leadership in the under-organized home and beauty services market, improving unit economics and a recent profitable year as key positives — but warn that valuation is stretched. They also emphasised on the company’s strong positioning in a ₹60 billion home services market.
Why investor appetite differed
Urban Company’s ₹1,900-crore offer has attracted institutional and anchor interest. The company raised substantial anchor allocations – ₹854 crore – ahead of the public issue), whereas Dev Accelerator’s smaller fresh issue minted ₹63 crore from anchor investors.
The investors seemed to have scrutinised execution risk and asset exposure.
Pros & cons
Urban Company: On the positive side, the firm commands a strong brand in India’s large and fragmented ₹60 billion-plus home-services market, has recently turned operationally profitable, and benefits from scale. The key concerns are its stretched valuation, reliance on sustained margin expansion and rising competition in local services. Most brokerages recommend it as a solid long-term investment, though they remain cautious about the possibility of short-term valuation pressure.
Dev Accelerator: It offers exposure to the rising demand for flexible workspaces, particularly in Tier-2 cities, with IPO proceeds earmarked for capacity expansion and debt reduction. However, risks remain in the form of real-estate cycle volatility, dependence on a few large clients and execution challenges. However, analysts broadly position it as a long-term growth opportunity.
IPO details
comprises of a ₹472-crore fresh issue and a ₹1,428-crore offer for sale (OFS). It concludes on September 12, 2025. The price band has been fixed at ₹98–103 per share, with a minimum lot size of 145 shares, and listing is expected on September 17, 2025. The company intends to deploy the proceeds towards developing new technologies and strengthening its cloud infrastructure, meeting office lease obligations, funding marketing initiatives and covering general corporate expenses.
is entirely a fresh issue of 2.47 crore equity shares with a price band of ₹56–61 per share. It will also close on September 12, 2025. The minimum application is set at one lot of 235 shares. The company will use the fresh issue proceeds for capacity expansion and debt reduction. Shares likely to list on the stock exchanges on September 17, 2025.