The Dev Accelerator IPO will open for subscription on September 10, 2025, and close on September 12, 2025. This is a Book Built Issue, through which the company aims to raise approximately ₹143.35 crores. The IPO comprises a fresh issue worth ₹143.35 crores, while the Offer for Sale (OFS) details are yet to be announced. The face value of each equity share is ₹2.
The Dev Accelerator IPO price band has been fixed between ₹56 to ₹61 per share. The quota distribution is as follows: QIB – 75%, Retail Investors – 10%, and HNI – 15%. The tentative Dev Accelerator IPO listing date is September 17, 2025, on both BSE and NSE. The IPO allotment date is expected on September 15, 2025.
Dev Accelerator IPO Financial Performance
The company has shown strong revenue growth in recent years. In FY 2025, revenue stood at ₹178.89 crores, compared to ₹110.72 crores in FY 2024. The net profit also improved significantly to ₹1.77 crores in FY 2025, against ₹0.44 crores in FY 2024.
Dev Accelerator IPO Date & Price Band Details
The Dev Accelerator IPO opens on September 10, 2025 and closes on September 12, 2025. This Book Built Issue aims to raise around ₹143.35 crores with a fresh issue only. The price band is ₹56–₹61 per share, with ₹2 face value, listing on BSE and NSE.
| Category | Details |
|---|---|
| IPO Open Date: | September 10, 2025 |
| IPO Close Date: | September 12, 2025 |
| Face Value: | ₹2 Per Equity Share |
| IPO Price Band: | ₹56 to ₹61 Per Share |
| Issue Size: | Approx ₹143.35 Crores |
| Fresh Issue: | Approx ₹143.35 Crores |
| Issue Type: | Book Built Issue |
| IPO Listing: | BSE & NSE |
| DRHP Draft Prospectus | Click Here |
| RHP Draft Prospectus: | Click Here |
Dev Accelerator IPO Market Lot
The Dev Accelerator IPO lot size is set at 235 shares per lot, requiring a minimum investment of ₹14,335 for retail investors. The retail maximum is 13 lots (₹1,86,355), while S-HNI needs 14 lots (₹2,00,690) and B-HNI requires 68 lots (₹10,03,450).
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 235 | ₹14,335 |
| Retail Maximum | 13 | 3,055 | ₹1,86,355 |
| S-HNI Minimum | 14 | 3,290 | ₹2,00,690 |
| B-HNI Minimum | 68 | 16,450 | ₹10,03,450 |
The Dev Accelerator IPO subscription status will be updated after the bidding process begins on September 10, 2025.
Dev Accelerator IPO Reservation
The Dev Accelerator IPO reservation offers 75% to QIBs, 15% to NIIs, and 10% to retail investors. Additionally, a shareholder quota of 3,29,000 shares and an employee quota of 1,64,500 shares are reserved. This balanced allocation ensures strong participation from institutional, retail, and individual investors.
| Investor Category | Share Offered | % Share |
|---|---|---|
| QIB Allocation | – | 75% of the Net Offer |
| Anchor Allocation | – | – |
| NII Allocation | – | 15% of the Net Offer |
| Retail Allocation | – | 10% of the Net Offer |
| Shareholder Quota | 3,29,000 shares | – |
| Employee Quota | 1,64,500 shares | – |
Dev Accelerator IPO Anchor Investors
The Dev Accelerator IPO Anchor Investors bidding will take place on September 9, 2025. The anchor portion includes a dedicated Anchor Investors List (PDF). The allocated shares will have a lock-in period—50% until October 15, 2025, and the remaining 50% until December 14, 2025.
| Type | Details |
|---|---|
| Anchor Bidding Date | September 9, 2025 |
| Anchor Investors List | Click Here |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | October 15, 2025 |
| lock-in period end date 50% shares (90 Days) | December 14, 2025 |
Dev Accelerator IPO Allotment & Listing Dates
The Dev Accelerator IPO opens on September 10, 2025, and closes on September 12, 2025 at 5 PM. The basis of allotment will be finalized on September 15, 2025, with refunds and credit to Demat accounts on September 16, 2025. The IPO listing date is September 17, 2025 on BSE & NSE.
| Type | Date |
|---|---|
| IPO Open Date: | September 10, 2025 |
| IPO Close Date: | September 12, 2025 |
| Basis of Allotment: | September 15, 2025 |
| Refunds: | September 16, 2025 |
| Credit to Demat Account: | September 16, 2025 |
| IPO Listing Date: | September 17, 2025 |
| IPO Bidding Cut-off Time: | September 12, 2025 – 5 PM |
Dev Accelerator IPO: Promoters and Holding Pattern
The promoters of Dev Accelerator include Umesh Uttamchandani, Parth Shah, Rushit Shah, and Dev Information Technology Limited. The promoter holding was 6,66,87,515 shares (49.80%) pre-IPO, which will increase to 9,01,87,515 shares (36.80%) post-IPO, reflecting their long-term commitment to the company.
| Particular | Shares | Share |
|---|---|---|
| Promoter Holding Pre Issue | 6,66,87,515 | 49.80% |
| Promoter Holding Post Issue | 9,01,87,515 | 36.80% |
Objects of the Issue & Utilisation of proceeds – Dev Accelerator IPO
The Dev Accelerator IPO proceeds will be primarily utilized for capital expenditure, including fit-outs and security deposits for new centres (₹73.12 crores, 51%). Around ₹35 crores (24.42%) will go towards repayment or pre-payment of borrowings, including NCD redemption, while the remaining funds will be used for general corporate purposes.
| Purpose | Crores | Change% |
|---|---|---|
| Capital expenditure for fit-outs in the new Centres and for security deposits of the new Centres. | 73.12 | 51.01% |
| Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of NCDs | 35.00 | 24.42% |
| General corporate purposes | – | -% |
Dev Accelerator IPO Company Financial Report
The Dev Accelerator financials show strong revenue growth, increasing from ₹31.37 crores in 2022 to ₹178.89 crores in 2025. Expenses rose from ₹39.51 crores to ₹175.15 crores, while profit after tax (PAT) improved from a loss of ₹7.51 crores in 2022 to a profit of ₹1.77 crores in 2025. Total assets reached ₹540.38 crores.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2022 | ₹31.37 | ₹39.51 | ₹7.51 | ₹100.80 |
| 2023 | ₹71.37 | ₹87.50 | ₹12.83 | ₹282.42 |
| 2024 | ₹110.72 | ₹119.50 | ₹0.44 | ₹411.09 |
| 2025 | ₹178.89 | ₹175.15 | ₹1.77 | ₹540.38 |
Dev Accelerator IPO Valuation – FY2025
The Dev Accelerator IPO financials show strong growth with revenue from operations rising to ₹1,588.75 crores in FY 2025 from ₹699.11 crores in FY 2023, delivering a CAGR of 50.75%. EBITDA stood at ₹804.57 crores (50.64% margin), and PAT improved to ₹17.73 crores. The company operates 26 centers across 11 cities, with occupancy at 87.61%, total assets of ₹5,403.76 crores, and ROCE of 25.95%, reflecting robust operational and financial strength.
| Particulars | Unit | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
|---|---|---|---|---|
| Revenue from Operations | ₹ | 1,588.75 | 1,080.87 | 699.11 |
| Revenue CAGR (Fiscal 2023 to 2025) | % | 50.75 | ||
| EBITDA | ₹ | 804.57 | 647.39 | 298.81 |
| EBITDA Margin (%) | % | 50.64 | 59.90 | 42.74 |
| Restated Profit/ (Loss) for the year | ₹ | 17.73 | 4.37 | (128.30) |
| Restated Profit/ (Loss) for the year as a % of total Income | % | 1.00 | 0.39 | (17.98) |
| Total Equity | ₹ | 547.86 | 287.88 | 12.22 |
| Capital Employed | ₹ | 1,820.96 | 1,292.95 | 338.79 |
| Total Assets | ₹ | 5,403.76 | 4,110.89 | 2,824.22 |
| ROCE(%) | % | 25.95 | 17.31 | 3.65 |
| Debt / Equity | times | 2.39 | 3.51 | 27.17 |
| Operational Cities | Number | 11 | 11 | 9 |
| Operational Centers | Number | 26 | 25 | 17 |
| Operational Super Built-up Area | Million square feet | 0.84 | 0.81 | 0.63 |
| Number of Capacity Seats in Operational Centers | Number | 13,759 | 12,543 | 10,165 |
| Number of Occupied Seats in Operational Centers | Number | 12,054 | 10,422 | 8,218 |
| Occupancy rate in Operational Centers (%) | % | 87.61 | 83.09 | 80.85 |
The Dev Accelerator IPO key financials include a ROCE of 25.95%, EBITDA margin of 50.64%, and PAT margin of 1.00%. The company’s debt-to-equity ratio is 2.39, with EPS at ₹0.27 and RoNW of 3.24%. The Net Asset Value (NAV) stands at ₹7.68 per share.
| KPI | Values |
|---|---|
| ROE: | -% |
| ROCE: | 25.95% |
| EBITDA Margin: | 50.64% |
| PAT Margin: | 1.00% |
| Debt to equity ratio: | 2.39 |
| Earning Per Share (EPS): | ₹0.27 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 3.24% |
| Net Asset Value (NAV): | ₹7.68 |
Dev Accelerator IPO Peer Group Comparison
In comparison with peers, Dev Accelerator Limited shows moderate EPS of ₹0.27, RoNW of 3.24%, and NAV of ₹7.68 per share, indicating steady growth. While Awfis Space Solutions leads with high EPS and P/E ratio, Smartworks and Indiqube Spaces report negative EPS, highlighting Dev Accelerator’s relative stability and long-term investment potential.
| Name of the Company | Market Price per equity share (₹) | Revenue from operations ($ in million) | Basic EPS | Diluted EPS | RONW (%) | P/E Ratio | Net Worth (₹ in million) | NAV (₹ per share) | Face value (₹ per share) |
|---|---|---|---|---|---|---|---|---|---|
| Dev Accelerator Limited | [.] | 1,588.75 | 0.27 | 0.27 | 3.24 | [.] | 547.86 | 7.68 | 2.00 |
| Awfis Space Solutions Ltd | 589.35 | 12,075.35 | 9.75 | 9.67 | 14.78 | 60.95 | 4,592.19 | 64.71 | 10.00 |
| Smartworks Coworking Spaces Limited | 457.55 | 13,740.56 | (6.18) | (6.18) | (58.56) | (74.04) | 1,078.81 | 10.45 | 10.00 |
| Indiqube Spaces Limited | 219.38 | 10,592.86 | (7.65) | (7.65) | NA | (28.69) | (31.11) | (0.24) | 1.00 |
In the peer comparison for Dev Accelerator IPO, Awfis Space Solutions leads with EPS of 9.75, PE ratio of 60.95, and RoNW of 14.78% on income of ₹1,207.54 crores. Smartworks Coworking and Indiqube Spaces show negative EPS, reflecting lower profitability and financial challenges in the coworking sector.
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Awfis Space Solutions | 9.75 | 60.95 | 14.78 | 64.71 | 1,207.54 Cr. |
| Smartworks Coworking | (6.18) | (74.04) | (58.56) | 10.45 | 1,374.06 Cr. |
| Indiqube Spaces | (7.65) | (28.69) | NA | (0.24) | 1,059.29 Cr. |
Dev Accelerator Company Overview, Review, Key Points, Strengths, and Risks
Dev Accelerator, also known as DevX, is an Indian company that provides flexible office and co-working spaces. The company caters to a wide range of clients, including large corporations, multinational companies, and small to medium-sized enterprises. It operates through various models, such as the Straight Lease Model and Revenue Share Model.
Key Points
- Business Model: DevX provides end-to-end workspace solutions, including sourcing, designing, building, and managing office spaces. It also offers allied services like payroll, facility management, and IT services through its subsidiaries.
- Market Position: Dev Accelerator is a leading player in the flexible workspace market, particularly in India’s Tier 2 cities, while also having a strong presence in Tier 1 cities.
- IPO: The company is undergoing an Initial Public Offering (IPO) to raise funds primarily for capital expenditure on new centers and to repay existing debt. The IPO price band is set at ₹56 to ₹61 per share.
- Financials: The company has shown significant growth in its financials. Its total income and profit after tax (PAT) have increased substantially in the fiscal year ending FY25. However, the PAT margin remains thin at 1%.
Strengths & Risks
Strengths
- Tier 2 Market Leadership: The company’s strong position in rapidly growing Tier 2 markets gives it a competitive edge.
- Diversified Offerings: Beyond just co-working, DevX offers a range of services from managed offices to IT support, creating a comprehensive “one-stop-shop” for clients.
- Strong Financial Growth: The company has demonstrated a robust increase in revenue and has turned profitable.
- Customer-Centric Model: The zero capital expenditure (capex) model for clients is a key attraction, allowing businesses to focus on their core operations without heavy upfront investment.
Risks
- High Competition: The flexible workspace sector is highly competitive and fragmented, with many domestic and international players.
- Aggressive Valuation: Based on its recent financials, the IPO is considered aggressively priced, which may limit short-term gains for investors.
- High Debt: The company has a high debt-to-equity ratio, indicating significant leverage, which could affect financial flexibility and increase interest obligations.
- Economic Sensitivity: Demand for flexible workspaces can fluctuate with broader economic conditions, as a slowdown could reduce corporate spending and occupancy rates.
Dev Accelerator IPO Registrar
KFin Technologies Limited
Phone: 04067162222, 04079611000
E-mail: dal.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
IPO Lead Managers aka Merchant Bankers
- Pantomath Capital Advisors Private Limited
Dev Accelerator 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/
FAQs about Dev Accelerator IPO
The Dev Accelerator IPO is scheduled to open for subscription on September 10, 2025, and will close on September 12, 2025.
The price band for the IPO has been set at ₹56 to ₹61 per share.
The minimum lot size for retail investors is 235 shares, which requires an investment of ₹14,335.
The total issue size is approximately ₹143.35 crores, consisting entirely of a fresh issue of shares.
The IPO reservation is allocated as follows: 75% for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for retail investors.
Dev Accelerator has demonstrated strong financial growth, with revenue from operations increasing from ₹699.11 million in FY 2023 to ₹1,588.75 million in FY 2025. The company also turned profitable in recent years.
The company’s strengths include its leadership in Tier 2 cities, diversified service offerings beyond just co-working, strong financial growth, and a customer-centric, zero-capex model.
Key risks include high competition in the flexible workspace market, the company’s high debt-to-equity ratio, and the potential for economic sensitivity to impact demand.
The IPO is tentatively scheduled to be listed on September 17, 2025, on both the BSE and NSE.
The promoters of Dev Accelerator are Umesh Uttamchandani, Parth Shah, Rushit Shah, and Dev Information Technology Limited.
Disclaimer: This content is provided strictly for educational and informational purposes only. The securities or investments mentioned are based on publicly available information and should not be construed as investment advice or recommendations. Investors are advised to consult with their financial advisor before making any investment decisions.
