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.
The IPO is listed at Rs. 61, marginally above the issue price.
🕗 Last Update: 17 September 2025, 6.00 AM
Table of Contents
| QIB | B HNI X | S HNI X | NII X | RII X | Total X |
| 20.30 | 78.94 | 106.01 | 87.97 | 164.89 | 64.00 |
| Applications: 14,87,302 | |||||
| Subscription Review: Strong subscription on Day 3 from all categories | |||||
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.
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?
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 Dev Accelerator 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 is the Lead Manager 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
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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.
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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.
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EBITDA: Healthy growth – Rs. 29.88 cr (FY23) → Rs. 64.74 cr (FY24) → Rs. 80.46 cr (FY25). Indicates operational leverage is improving.
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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.
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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
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Investors who believe in the long-term growth story of startup accelerators may consider applying with limited exposure.
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.
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.
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.
The issue price looks aggressive considering low profitability and high leverage. On P/E basis, valuations appear stretched.
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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