Dev Accelerator
September 10, 2025 – September 12, 2025
| Price | ₹56 - ₹61 |
| GMP Rumors * | ₹0 |
|---|---|
| Lot size | 235 |
| Allotment | Sep 15, 2025 |
| Listing | Sep 17, 2025 |
Dev Accelerator Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| Retail | 1 | 235 | 14335 | 9790 |
| sHNI | 14 | 3290 | 200690 | 350 |
| bHNI | 70 | 16450 | 1003450 | 699 |
Dev Accelerator Reservation
| Category | Shares Offered | % |
|---|---|---|
| QIB | 17254875 | 73.43% |
| HNI | 3450975 | 14.69% |
| Retail | 2300650 | 9.79% |
| Employee | 164500 | 0.7% |
| Shareholder | 329000 | 1.4% |
| Total | 23500000 | 100% |
Dev Accelerator About
Dev Accelerator IPO Details
| Total Issue Size | 23,500,000 shares (aggregating up to ₹143.35Cr) |
| Fresh Issue | 23,500,000 shares (aggregating up to ₹143.35Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 66,687,515 shares |
| Share Holding post Issue | 9,01,87,515 shares |
Key Performance Indicator (KPI)
| KPI | Mar-25 | Mar-24 |
|---|---|---|
| ROCE | 25.95% | 17.31% |
| RONW | 3.24% | 1.52% |
| EPS (basic) | 0.27 | 0.08 |
Company Financials (In ₹crores)
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
|---|---|---|---|
| Assets | 540.38 | 411.09 | 282.42 |
| Total Income | 178.89 | 110.73 | 71.37 |
| Profit After Tax | 1.74 | 0.43 | -12.83 |
| EBITDA | 80.46 | 64.74 | 29.88 |
| Net Worth | 54.79 | 28.79 | 1.22 |
| Total Borrowing | 130.67 | 101.05 | 33.2 |
About Company
Dev Accelerator Limited (DevX), established in 2017, is engaged in providing flexible office space solutions, including coworking environments, designed to meet the dynamic needs of modern businesses.
The company has expanded significantly, now operating 28 centers across 11 cities in India as of May 31, 2025. These include major hubs such as Delhi-NCR, Hyderabad, Mumbai, and Pune. Collectively, DevX manages 14,144 seats across 860,522 sq. ft. of space and serves a client base of over 250 companies.
Its business model emphasizes flexibility and customization, offering tailored desks, suites, and adaptable lease options to support remote work trends and evolving corporate demands.
Looking ahead, DevX has already signed Letters of Intent (LOIs) for three new centers, including its first international center in Sydney, Australia, along with a new facility in Surat. These upcoming additions will contribute 11,500 seats over 897,341 sq. ft., further strengthening the company’s footprint in the flexible workspace sector.
Strength
Leadership in Tier-2 Markets – Largest managed space operator in Tier-2 cities like Ahmedabad, Indore, Jaipur, Udaipur, and Vadodara with ~88% occupancy, well positioned to capture flexible workspace growth.
Pan-India Presence with Strong Client Relationships – Operations across 11 major Indian cities, including Tier-1 hubs (Mumbai, Pune, Hyderabad, NCR) with a diversified client base and consistently high occupancy.
Customer-Centric Integrated Model – Fully customizable offices with quick turnaround (90–120 days), facility management services, and ISO-certified processes (ISO 9001:2015 & ISO 27001:2022) ensuring long-term customer stickiness.
Weakness
Profitability Concerns – Reported a loss of ₹128.30 million in FY 2023 and only turned profitable in FY 2024; sustaining profitability remains uncertain.
No Ownership of Centers – Operates entirely on leased spaces; any title/ownership issues with landlords may result in closures, relocation costs, or contract terminations.
Investment & Acquisition Risks – Strategic investments (e.g., 43.69% stake in Janak Urja Pvt. Ltd.) and future acquisitions may not yield expected benefits, potentially impacting financials and growth.
Dev Accelerator Lead Manager(s)
Dev Accelerator Address
C-01, The First Commercial Complex,
behind Keshavbaug Party Plot,
Vastrapur,
Ahmedabad, Gujarat, 380015
Phone: 7041482004
Email: compliance@devx.work
Website: http://www.devx.work/