Dev Accelerator IPO on 10 Sept

Dev Accelerator IPO Details

Dev Accelerator is coming up with a Book Build IPO. The issue size is Rs. 143.35 Crores. The shares are offered in the price band of Rs. 56-61 and the lot size is 235 shares. The IPO will open on 10 September and will close on 12 September. The allotment will be on 15 September. The tentative listing is  on 17 September 25. Pantomath Capital Advisors Pvt. Ltd. is the Book Running Lead Manager, while Kfin Technologies Ltd. will act as the registrar to the issue.

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Dev Accelerator IPO latest updates

Grey market premium is expected to be live by today afternoon.

 

Dev Accelerator IPO Key Dates

Anchor portion
IPO opens on 10 Sept 2025
IPO Closes on 12 Sept 2025
IPO Allotment on 15 Sept 2025
Unblocking of Asba 16 Sept 2025
Credit of Shares 16 Sept 2025
Listing of Shares 17 Sept 2025

Who are the promoters of Dev Accelerator IPO?   
Parth Shah, Umesh Uttamchandani, Rushit Shah and Dev Information Technology Limited are the company promoters.

The promoters hold 54.11% shares in the post IPO capital of the company.

What are the Objects of Dev Accelerator IPO?

The Offer comprises a Fresh Issue by the Company and an Offer for Sale by the Selling Shareholders.

The net proceeds of the Offer are proposed to be utilised in the following manner:

+Capital expenditure for fit-outs in the new Centres and for security deposits of the new Centres. Rs. 68.96 Crore
+Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of NCDs Rs. 30 Crore

+General Corporate Purposes

What is the business of Dev Accelerator?

Established in 2017, Dev Accelerator Ltd. (popularly known as DevX) is a leading provider of flexible office spaces, including coworking environments. The company has expanded rapidly with 25 centers across 11 Indian cities such as Delhi-NCR, Hyderabad, Mumbai and Pune, servicing more than 230 clients with 12,691 seats across 8.06 lakh sq. ft. of managed space as of August 31, 2024.

Its business model is built around customizable workspaces, managed offices and coworking solutions, catering to the evolving needs of corporates, MNCs and SMEs. DevX supports modern work trends by offering flexible lease options, tailor-made desks and premium suites.

The company has already signed LOIs for three new centers, including its first international venture in Sydney, Australia, and leased space in Surat. These upcoming centers will add another 11,500 seats over 8.97 lakh sq. ft. under management.

In addition, its subsidiary Neddle and Thread Designs LLP provides interior design and execution services, complementing the core workspace business.

Dev Accelerator IPO Details

 
IPO opens on  10 September 2025
IPO closes on  12 September 2025 
Issue Type Book Built Issue IPO
Issue Size 23,500,000 Shares /
Rs 143.35 Crore
* Fresh Issue Rs 143.35 Crore
* Offer for Sale  Rs  -Crore
   
Face Value per share: Rs. 2
Price Band  Rs. 56-61
Retail Discount  Rs 0 per share
Employee discount  Rs. – per share
Retail Lot Size   235 Shares
Listing will at  BSE, NSE

How are the shares offered in Dev Accelerator IPO?

Investor Category Shares Offered
QIB Shares Offered Not less than 75% of the Net Offer
Retail Shares Offered Not more than 10% of the Net Offer
NII Shares Offered Not more than 15% of the Net Offer

How can the shares be applied in X IPO?

Application Lots Shares Amount
Rs.
Retail (Min) 1 235 14,335
Retail (Max) 13 3,055 1,86,355
S-HNI (Min) 14 3,290 2,00,690
S-HNI (Max) 69 16,215 9,89,115
B-HNI (Min) 70 16,450 10,03,450

 

 

 

Dev Accelerator IPO allotment Status

Allotment of this IPO will be announced on 15 September 2025 and the link to check allotment is given below:
https://ipostatus.kfintech.com/

Registered Office of the company
Dev Accelerator Ltd.
C-01, The First Commercial Complex,
behind Keshavbaug Party Plot,
Vastrapur,
Ahmedabad, Gujarat, 380015

Email: compliance@devx.work

Who are the Lead Managers of
Dev Accelerator IPO?
Pantomath Capital Advisors Pvt ltd
Registrar to IPO
Kfin Technologies Limited

Dev Accelerator IPO Financial Snapshot

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
Amount in Rs. Crore

 

Key Performance Indicators

KPI Values
ROCE 25.95%
Debt/Equity 2.39
RoNW 3.24%
PAT Margin 1.00%
EBITDA Margin 50.64%
EPS 0.26
PE R 16450

How Dev Accelerator IPO compares with the Peers?
Peer Comparison.

# This is only coverage of News related to Grey Market. We do not deal in grey market premium, nor we recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.

Dev Accelerator IPO Condensed Review by Paresh Gordhandas, CA & Research Analyst

Business Overview

Dev Accelerator operates as a business incubator and accelerator, supporting startups with funding, mentorship, and growth advisory. Such companies typically have high growth potential but face challenges of profitability due to heavy upfront investments and long gestation periods.

Financial Performance

  • Revenue Growth: The company has shown a consistent rise in income from Rs. 71.37 cr (FY23) → Rs. 110.73 cr (FY24) → Rs. 178.89 cr (FY25). Strong top-line expansion.

  • Profitability: Turned profitable in FY24 with Rs. 0.43 cr profit after years of loss (FY23: -12.83 cr). FY25 profit improved to Rs. 1.74 cr. However, margins remain wafer-thin compared to revenue.

  • EBITDA: Healthy growth – Rs. 29.88 cr (FY23) → Rs. 64.74 cr (FY24) → Rs. 80.46 cr (FY25). Indicates operational leverage is improving.

  • Net Worth: Jumped sharply from Rs. 1.22 cr (FY23) to Rs. 28.79 cr (FY24) and Rs. 54.79 cr (FY25). Strengthening equity base.

  • Debt: Total borrowings increased to Rs. 130.67 cr in FY25 from Rs. 33.2 cr in FY23. Leverage is high, raising risk levels.

Valuation

At Rs. 61 per share, the company’s pricing will depend on its post-issue EPS and P/E multiple. Considering FY25 PAT of Rs. 1.74 cr on equity of Rs. 54.79 cr, the return ratios (RoE, RoCE) remain modest. Investors must note that while revenue growth is attractive, profitability is still at an early stage.

Positives

✔️ Strong revenue growth trajectory.
✔️ EBITDA margins improving.
✔️ Net worth expanding – financial stability improving.

Verdict

  • Investors who believe in the long-term growth story of startup accelerators may consider applying with limited exposure.

  • Conservative investors should avoid at this stage, as debt pressure and low profitability make it a speculative bet.

 

What does Dev Accelerator (DevX) do?

DevX is a flexible workspace solutions provider, offering coworking spaces, managed offices, customizable suites and desks. It caters to corporates, MNCs and SMEs looking for scalable and cost-effective office setups.

How large is DevX’s current business footprint?

As of August 31, 2024, DevX operates 25 centers across 11 cities in India, serving 230+ clients with 12,691 seats over 8.06 lakh sq. ft. of managed space. The company also has plans for new centers in Surat and its first international venture in Sydney, Australia.

What is the growth outlook for the flexible workspace market in India?

The Indian flexible workspace sector is expanding rapidly due to rising demand from corporates, start-ups, and remote work adoption. With traditional leasing becoming less attractive, coworking and managed office solutions are expected to capture a larger share of India’s commercial real estate market, offering strong growth potential for players like DevX.

Is Dev Accelerator IPO attractively priced at Rs. 61?

The issue price looks aggressive considering low profitability and high leverage. On P/E basis, valuations appear stretched.

Should retail investors apply for Dev Accelerator IPO?

Retail investors with a high-risk appetite may apply in small quantity. Conservative investors are better off avoiding this IPO until the company demonstrates consistent profitability.

Dev Accelerator IPO dates

Dev Accelerator IPO price & Lot

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