Home / Markets / Stock Markets /  Multibagger IPO: SME stock in focus as share trades ex-split today in 1:2 ratio

Multibagger IPO: Dev Information Technology shares are one of the stocks on Dalal Street that has given strong upside movement in year-to-date (YTD) time. In 2022, this SME stock has surged from around 133 to 237 apiece levels, logging near 75 per cent rise in this time. However, the small-cap stock will be one of the stocks in focus today as it is going to trade ex-split today. The board of directors of the company has fixed 25th November 2022 as record date for stock subdivision in 1:2 ratio.

Informing Indian exchanges about stock split decision, the small-cap company said, "Pursuant to Regulation 42 of the SEBI (listing Obligations and Disclosure Requirements), 2015, we Dev Information Technology Limited (the "Company") would like to inform you that the board of directors has fixed Friday, 25th November, 2022, as "Record Date" to ascertain the shareholders entitled for the purpose of sub-division of 1 (One) fully paid-up Equity Share of the Company having face value of ~10/- (Rupees Ten) each, into 2 {Two) fully paid-up Equity Share having face value of ~ 5/- (Rupees Five only) each fully paid-up, which has been approved by the shareholders in its 25th Annual General Meeting dated 30th September, 2022."

Dev IT share price history

The initial public offering (IPO) of Dev Information Technology or Dev IT was launched in March 2017 at a fixed price band of 42 per equity share. So, Dev IT is one of the one of the multibagger IPOs that Indian market has produced in recent year. Its one lot consisted 3000 Dev IT shares. So, a bidder needed at least 1.26 lakh to apply for the IPO. Dev IT shares had a decent listing as it listed on NSE SME exchange at 50.40 apiece levels, delivering 20 per cent listing premium to the lucky allottees. Comparing Dev IT share price today with its IPO price band, the stock is quoting 465 per cent higher from its issue price. This means, if an allottee had remained invested in this stock till date after share allotment, its 1.26 lakh would have turned to 7.125 lakh today.

Dev IT shares ended on Thursday with a market cap of around 130 crore. Its trade volume on Thursday was 1.93 lakh, which is much higher than its last 20 days average trade volume of near 51,000. This It solution company stock is trading close to its 52-week high of 254.60 apiece on NSE. However, the stock is now available on both NSE and BSE.

Dev IT shares were in news recently as one of Adani Group promoters family members (as claimed by Dev Information Technology Ltd) has bought stake in the company.  HNI Samip Adani has picked up stake of 60,000 shares via bulk deal in Dev Information Technology Ltd.


Asit Manohar

Chief Content Producer at Live Mint Digital Team
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