The Dev Accelerator IPO is scheduled to open on September 10, 2025, and will close on September 12, 2025. The basis of allotment will be finalized on September 15, 2025, refunds will be initiated on September 16, 2025, and shares will be credited to Demat accounts on the same day. The IPO is set to list on both BSE and NSE with a tentative listing date of September 17, 2025.
This is a book-built issue worth ₹143.35 crores, entirely a fresh issue of 2.35 crore equity shares. The price band has been fixed between ₹56 to ₹61 per share, with a lot size of 235 shares, requiring a minimum retail investment of ₹14,335. For sNII investors, the minimum application is 14 lots (3,290 shares) amounting to ₹2,00,690, while for bNII investors, it is 70 lots (16,450 shares) amounting to ₹10,03,450. The quota distribution is QIB – 75%, HNI – 15%, and Retail – 10%.
Financially, the company has shown strong growth, reporting revenue of ₹178.89 crores in FY 2025 against ₹110.72 crores in FY 2024, with profits rising from ₹0.44 crores to ₹1.77 crores in the same period. Considering the financial performance, experts suggest that investors may consider subscribing to the IPO with a long-term investment view.
Overview of Contents
About Dev Accelerator IPO
Dev Accelerator Limited, commonly known as DevX, was established in 2017 and is one of the leading flexible workspace providers in Tier 2 cities in India. The company mainly focuses on building fully managed and custom-built office workspaces for businesses. It has a presence across 15 locations, including Tier 1 cities like Delhi-NCR, Hyderabad, Mumbai, and Pune, as well as Tier 2 cities such as Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, and Vadodara.
The company started its journey in 2017 by offering office space solutions tailored to meet the requirements of different businesses. Its services include finding suitable office spaces, designing, customizing, building workspaces, and providing technology solutions. Over the years, DevX has grown significantly and, as of May 31, 2025, it caters to over 250 clients with 28 centres across 11 cities, managing 14,144 seats over an area of 860,522 sq. ft.
DevX continues to expand its footprint and has signed Letters of Intent (LOIs) for three new centres, including its first international centre in Sydney, Australia, and a new centre in Surat, India. Together, these upcoming centres will add 11,500 seats covering a total area of 897,341 sq. ft.
The company’s business model focuses on flexible workspace solutions designed for modern business needs, including customizable desks, private suites, coworking spaces, and flexible lease options to support corporates, MNCs, and SMEs. Additionally, through its subsidiary Neddle and Thread Designs LLP, DevX also provides workspace design and execution services.
Dev Accelerator IPO Overview
| Particulars | Details |
|---|---|
| Face Value | ₹2 per equity share |
| Price Band | ₹56 – ₹61 per share |
| Lot Size | 235 shares |
| Total Issue Size | 2,35,00,000 shares (₹143.35 Cr approx.) |
| Fresh Issue | ₹143.35 Cr approx. |
| Sale Type | Fresh Capital Issue |
| Issue Type | Book Built Issue (Bookbuilding IPO) |
| Listing At | BSE & NSE |
| Retail Quota | Not more than 10% |
| QIB Quota | Not more than 75% |
| NII Quota | Not more than 15% |
| Pre-Issue Shareholding | 6,66,87,515 shares |
| Post-Issue Shareholding | 9,01,87,515 shares |
Dev Accelerator IPO Prospectus
| DRHP | Click here |
| RHP | Click here |
Dev Accelerator IPO Dates
| Event | Date |
|---|---|
| IPO Open Date | Wednesday, September 10, 2025 |
| IPO Close Date | Friday, September 12, 2025 |
| Basis of Allotment | Monday, September 15, 2025 |
| Refunds Initiation | Tuesday, September 16, 2025 |
| Credit to Demat Account | Tuesday, September 16, 2025 |
| IPO Listing Date | Wednesday, September 17, 2025 |
Dev Accelerator IPO Lot Size
| Category | Lots | Shares | Investment Amount |
|---|---|---|---|
| Retail – Minimum | 1 lot | 235 shares | ₹14,335 |
| Retail – Maximum | 13 lots | 3,055 shares | ₹1,86,355 |
| S-HNI – Minimum | 14 lots | 3,290 shares | ₹2,00,690 |
| S-HNI – Maximum | 69 lots | 16,215 shares | ₹9,89,115 |
| B-HNI – Minimum | 70 lots | 16,450 shares | ₹10,03,450 |
Dev Accelerator IPO GMP
- To be Updated Soon
Dev Accelerator IPO Promoter Holding
The promoters of Dev Accelerator Limited are Parth Shah, Umesh Uttamchandani, Rushit Shah, and Dev Information Technology Limited. The promoter holding stands at 49.80% before the IPO, which will reduce to 36.80% after the issue.
Dev Accelerator IPO Financial Performance
| Particulars | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Assets | 540.38 | 411.09 | 282.42 |
| Total Income | 178.89 | 110.73 | 71.37 |
| Profit After Tax (PAT) | 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 | 33.20 |
Dev Accelerator IPO Review
- SBICAP Securities –
- Sharekhan –
- SMC Global –
- Sushil Finance –
- Canara Bank –
- DRChoksey FinServ –
- Emkay Global –
- Hem Securities –
- IDBI Capital –
- Marwadi Shares –
- Nirmal Bang –
- Swastika Investmart –
- Ventura Securities –
- Geojit –
- Reliance Securities –
- Capital Market –
- BP Wealth –
- ICICIdirect –
- Choice Broking –
Objects of the Issue
- Capital expenditure for fit-outs in the new Centres and for security deposits of the new Centres;
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of non-convertible debentures issued by our Company (“NCDs”) in; and
- General corporate purposes.
Dev Accelerator IPO Registrar
KFin Technologies Limited
Phone: 04067162222, 04079611000
E-mail: dal.ipo@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/
IPO Lead Managers aka Merchant Bankers
- Pantomath Capital Advisors Private Limited
Company Address
Dev Accelerator Limited
C-01, The First Commercial Complex,
behind Keshavbaug Party Plot,
Vastrapur, Ahmedabad, Gujarat – 380015, India
Phone: 7041482004
Email: compliance@devx.work
Website: http://www.devx.work/
Dev Accelerator IPO Valuation – FY 2025
| KPI | Value |
|---|---|
| Return on Equity (ROE) | -% |
| Return on Capital Employed (ROCE) | 25.95% |
| EBITDA Margin | 50.64% |
| Profit After Tax (PAT) Margin | 1.00% |
| Debt-to-Equity Ratio | 2.39 |
| Earnings Per Share (EPS) – Basic | ₹0.27 |
| Price-to-Earnings (P/E) Ratio | N/A |
| Return on Net Worth (RoNW) | 3.24% |
| Net Asset Value (NAV) | ₹7.68 |
Dev Accelerator IPO FAQs
What is Dev Accelerator IPO?
Dev Accelerator IPO is a book-built issue worth around ₹143.35 crores. The IPO is entirely a fresh issue of 2.35 crore equity shares.
What is the price band of Dev Accelerator IPO?
The price band is fixed at ₹56 to ₹61 per share.
What is the lot size for Dev Accelerator IPO?
Investors can apply in lots of 235 shares, requiring a minimum investment of ₹14,335 (at the upper price band).
What is the issue size of Dev Accelerator IPO?
The total issue size is ₹143.35 crores, consisting only of a fresh issue.
On which exchanges will Dev Accelerator IPO be listed?
The IPO will be listed on BSE and NSE.