Dev Accelerator Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹56 - ₹61
- Lot size
- 235 shares
- Issue amount
- ₹143.35 cr
- Total subscription
- 63.97×
- Opens
- 10 Sept 2025
- Closes
- 12 Sept 2025
- Allotment
- 15 Sept 2025
- Listing
- 17 Sept 2025
Offer at a glance
Issue overview
- Issue size
- 2,35,00,000 shares
- Face value
- ₹2 Per Share
- Minimum investment
- ₹13,160
- Fresh issue
- ₹143.35 cr
- Offer for sale
- ₹0 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,335
- Issue type
- Bookbuilding IPO
- Shares before issue
- 6,66,87,515
- Shares after issue
- 9,01,87,515
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 235 | ₹14,335 |
| sHNI | 14 | 3,290 | ₹2,00,690 |
| bHNI | 70 | 16,450 | ₹10,03,450 |
Share reservation
Subscription & GMP
Subscription by category
Reported 12 Sept 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 9,790 | 14,37,893 |
| EMPLOYEES | 0 | 9,750 |
| HNIs(10L +) | 699 | 10,845 |
| HNIs (2-10L) | 350 | 35,771 |
| Shareholder | 0 | 14,804 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 42.1 | 854.82 |
| FIIs | 0 | 289.1 |
| FIs | 0 | 461.59 |
| Mutual Funds | 0 | 0.04 |
| Others | 0 | 104.09 |
| RETAIL | 14.03 | 2,311.61 |
| HNIs 2+ | 7.02 | 743.94 |
| HNIs 10+ | 14.03 | 1,107.89 |
| EMPLOYEES | 1 | 17.67 |
| Shareholder | 2.01 | 94.28 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-25 | Mar-24 |
|---|---|---|
| EPS | 0.27 | 0.08 |
| ROE | 0 | 0 |
| ROCE | 25.95 | 17.31 |
| RONW | 3.24 | 1.52 |
| PRE IPO(PE) | 0 | 0 |
| POST IPO(PE) | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Awfis Space Solutions Ltd | 60.95 | 589.35 | 10 | 64.71 | 14.78 | 9.75 |
| Dev Accelerator Limited | NA | NA | 2 | 7.68 | 3.24 | 0.27 |
| Smartworks Coworking Spaces Limited | -74.04 | 457.55 | 10 | 10.45 | -58.56 | -6.18 |
| Indiqube Spaces Limited | -28.69 | 219.38 | 1 | -0.24 | NA | -7.65 |
Company information
Company profile
Dev Accelerator Limited (DevX), established in 2017, is engaged in providing flexible office space solutions and operates through its subsidiary, Neddle and Thread Designs LLP, which offers design and execution services. The company’s business model is centered on flexibility and adaptability to modern workplace needs, offering coworking spaces, managed offices, and customizable desks and suites. Its primary clients include large corporations, multinational companies (MNCs), and small to medium enterprises (SMEs), supported by features such as flexible lease options and solutions aligned with remote work trends. As of August 31, 2024, DevX has built a strong operational presence with 25 centers across 11 cities, including Delhi-NCR, Hyderabad, Mumbai, and Pune, with a total seating capacity of 12,691 and a managed area of 806,635 square feet, catering to over 230 clients. The company is expanding aggressively, with three new centers signed under letters of intent, including its first international location in Sydney, Australia, and a new domestic market in Surat, India. This pipeline adds 11,500 new seats and 897,341 square feet of space. The net proceeds from the Dev Accelerator IPO are planned to be utilized for funding fit-outs and security deposits for new centers amounting to ₹73.11 crore, repayment of borrowings and redemption of NCDs worth ₹35 crore, along with general corporate purposes.
Strengths
- Dominant Position in Tier-2 Markets – Recognized as the largest managed workspace operator in Tier-2 cities such as Ahmedabad, Indore, Jaipur, Udaipur, and Vadodara, with ~88% occupancy, well placed to benefit from rising demand for flexible workspaces.
- Expansive Pan-India Footprint – Presence across 11 major Indian cities, including Tier-1 hubs like Mumbai, Pune, Hyderabad, and NCR, supported by a diverse client portfolio and consistently high occupancy rates.
- Integrated, Customer-Focused Model – Offers fully customizable office solutions with rapid delivery (90–120 days), comprehensive facility management, and ISO-certified processes (ISO 9001:2015 & ISO 27001:2022), ensuring strong client retention and long-term engagement.
Risk factors
- Profitability Sustainability Risk – The company reported a loss of ₹128.30 million in FY 2023 and only achieved profitability in FY 2024, making future profit consistency uncertain.
- Dependence on Leased Properties – With no ownership of its centers, the business is vulnerable to landlord disputes, title issues, or lease terminations that could lead to closures, relocations, or added costs.
- Uncertain Returns from Investments & Acquisitions – Strategic investments such as a 43.69% stake in Janak Urja Pvt. Ltd. and potential future acquisitions may not generate the expected synergies or financial benefits.
Promoters
Parth Shah
Umesh Uttamchandani
Rushit Shah
Dev Information Technology Limited
Registrar & documents
Lead manager
Pantomath Capital Advisors Private Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
C-01, The First Commercial Complex, behind Keshavbaug Party Plot, Vastrapur, Ahmedabad, Gujarat, 380015
7041482004
[email protected]Company website ↗Understanding DEVX IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.