Dev Accelerator IPO
GMP, Subscription, Price, Dates & Financial Details
It - Software
Established in 2017, Dev Accelerator Limited (DevX) is one of India’s leading providers of flexible office space solutions, including managed office spaces and coworking environments. With a rapidly growing presence, the company has expanded from a single location to 28 operational centers across…
Open Date
Wed, 10 Sep 2025
Close Date
Fri, 12 Sep 2025
Price Band
₹ 56 – 61
Lot Size
235
Issue Size
₹ 143.35 Cr
Minimum Investment
₹ 14,335 (235 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Dev Accelerator IPO has successfully completed its IPO process and is now listed on the NSE and BSE. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹143 Crore, comprising a fresh issue of 2.35 Crore equity shares aggregating to ₹143.35 Crore.
The Dev Accelerator IPO remained open for subscription from September 10, 2025, to September 12, 2025. The basis of allotment was finalized on September 15, 2025, and the company's shares were listed on the NSE and BSE on September 17, 2025.
The company had fixed the price band at ₹56 to ₹61 per share, with a lot size of 235 shares. Retail investors were required to make a minimum investment of ₹14,335 (based on the upper price band) to apply for one lot.
KFin Technologies Limited served as the registrar to the issue. Pantomath Capital Advisors Pvt Ltd acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Dev Accelerator Limited is now a publicly listed company on the NSE and BSE. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
Dev Accelerator IPO Timeline (Tentative)
- IPO Open Date
- Wed, 10 Sep 25
- IPO Close Date
- Fri, 12 Sep 25
- Basis of Allotment
- Mon, 15 Sep 25
- Initiation of Refunds
- Tue, 16 Sep 25
- Credit of Shares to Demat
- Tue, 16 Sep 25
- Listing Date
- Wed, 17 Sep 25 — NSE & BSE
Open Date
10 September 2025
Close Date
12 September 2025
Basis Of Allotment
15 September 2025
Listing Date
17 September 2025
IPO Subscription
Check Live Subscription →The Dev Accelerator IPO has received bids for 84,10,19,175 shares against 1,31,47,075 shares offered, resulting in an overall subscription of 63.97x. the NII category is subscribed 87.97x, Retail Investors 164.72x, Employees 17.61x, and QIBs 20.3x. Within the NII category, BNII is subscribed 78.94x, while SNII is subscribed 106.02x.
QIB
20.3x
NII
87.97x
BNII
78.94x
SNII
106.02x
RII
164.72x
EMP
17.61x
Total
63.97x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 23,00,650 shares, representing 17.5% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 69,01,950 shares (52.5%), while Non-Institutional Investors (NIIs) receive 34,50,975 shares (26.25%).
| Category | Shares Offered | Shares Offered |
|---|---|---|
| Qualified Institutions | 6,901,950 | 52.5% |
| Non-Institutional | 3,450,975 | 26.25% |
| BNII | 2,300,650 | 17.5% |
| SNII | 1,150,325 | 8.75% |
| Retail Investors | 2,300,650 | 17.5% |
| Employees | 164,500 | 1.25% |
| Shareholder Category | 329,000 | 2.5% |
| Total | 13,147,075 | 100% |
Financials Details(₹ in Crores)
| Particular | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 540.38 | 411.09 | 282.42 |
| Revenue | 178.89 | 110.73 | 71.37 |
| Profit After Tax | 1.74 | 0.43 | -12.83 |
| Net Worth | 54.79 | 28.79 | 1.22 |
| Reserve & Surplus | 0 | 0 | 0 |
| Total Borrowings | 130.67 | 101.05 | 33.2 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Dev Accelerator Limited KPI Information
| Particular | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| ROCE % | 25.95 | 17.31 | 3.65 |
| Debt / Equity | 2.39 | 3.51 | 27.17 |
| RoNW % | 3.24 | 1.52 | -1049.92 |
| Pat Margin % | 1 | 0.39 | -17.98 |
Peers Comparison
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Dev Accelera tor Ltd | 2 | 0 | 0.27 | 0.27 | 3.24 | 7.68 |
| Awfis Space Solution s Ltd | 10 | 60.95 | 9.75 | 9.67 | 14.78 | 64.71 |
| Smartw orks Coworki ng Spaces Ltd | 10 | -74.04 | -6.18 | -6.18 | -58.56 | 10.45 |
| ndiqube Spaces Ltd | 1 | -28.69 | -7.65 | -7.65 | 0 | -0.24 |
About Dev Accelerator Limited
Established in 2017, Dev Accelerator Limited (DevX) is one of India’s leading providers of flexible office space solutions, including managed office spaces and coworking environments. With a rapidly growing presence, the company has expanded from a single location to 28 operational centers across 11 cities in India as of May 31, 2025, offering 14,144 seats across 860,522 sq. ft. of managed space.
Business Overview
DevX’s core offering revolves around providing flexible, customizable workspaces tailored to the evolving needs of corporates, MNCs, and SMEs. Their service portfolio includes:
- Managed Office Spaces: Tailored for large enterprises (100–500+ seats), these spaces are custom-designed and fully managed by DevX.
- Coworking Spaces: Ready-to-use shared workspaces ideal for freelancers, startups, and remote teams.
- Design & Execution Services: Through its subsidiary Neddle and Thread Designs LLP, DevX offers interior design and build services for both its own centers and external client offices.
- Facility & Payroll Management: Includes end-to-end employee management, housekeeping, security, and IT support.
- IT/ITeS Services: Offered via Saasjoy Solutions Pvt. Ltd., covering software development, cloud services, data analytics, and digital marketing.
Growth and Expansion
- As of May 2025, DevX has served over 250 clients, including major names like Zomato, Wipfli India LLP, and QX Global Services.
- The company is expanding with LOIs signed for three new centers, including its first international center in Sydney, Australia, and a new center in Surat.
- The upcoming centers will add 11,500 seats across 897,341 sq. ft., with plans to establish 8 more centers over the next two fiscals, including Tier 1 and Tier 2 cities and international locations.
Market Position & Strengths
- Tier 2 Market Leadership: DevX is among the largest managed office space operators in Tier 2 cities, with strong presence in Ahmedabad, Indore, Jaipur, Udaipur, Gandhinagar, Rajkot, and Vadodara.
- High Occupancy Rates: The company maintains 87.19% occupancy across its centers (as of May 2025), reflecting strong demand and customer satisfaction.
- Pan-India Reach: Present in 11 cities, including major metros like Mumbai, Pune, Hyderabad, and Delhi-NCR, while also dominating Tier 2 regions.
- Strong Financial Performance:
- FY 2025: ₹933.75 million from managed office solutions
- FY 2024: ₹740.35 million
- FY 2023: ₹353.14 million
Dev Accelerator IPO Promoters
- Parth Shah
- Umesh Uttamchandani
- Rushit Shah
- Dev Information Technology Limited
Promoters Holding
Holding Pre Issue
49.80%
Holding Post Issue
36.81%
Dev Accelerator IPO Objective
The Company Dev Accelerator IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
- 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 NCDs
- General corporate purposes
Dev Accelerator Limited Address / Contact Details
Dev Accelerator Limited
C-01, The First Commercial Complex,
behind Keshavbaug Party Plot,
Vastrapur,
Ahmedabad, Gujarat, 380015
Phone: 7041482004
Email: compliance@devx.work
Website: http://www.devx.work/
IPO Snapshot
Dev Accelerator IPO Lot Size
The Dev Accelerator IPO has a lot size of 235 shares. Retail investors require a minimum investment of ₹14,335 by applying for 1 lot (235 shares). The maximum application allowed for the retail category is 0 lots (0 shares), requiring an investment of ₹.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 235 | 14,335.00 |
| 13 | 3,055 | 186,355.00 | |
| 14 | 3,290 | 200,690.00 | |
| 69 | 16,215 | 989,115.00 | |
| 70 | 16,450 | 1,003,450.00 |
Issue Reservation
- QIB — 52.5%
- NII — 26.25%
- RII — 17.5%
- EMP — 1.25%
- SHR — 2.5%
Book Running Lead Managers
- Pantomath Capital Advisors Pvt Ltd
IPO Documents & Links
Explore More IPOs
Currently Open
Coming Up Next
Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Dev Accelerator IPO?
Dev Accelerator IPO is a Book-building IPO with a total issue size of ₹143.35 crore. The Dev Accelerator IPO price band is ₹56 to 61 per share. The Dev Accelerator IPO subscription opens on Wed, Sep 10, 2025, and closes on Fri, Sep 12, 2025. The Dev Accelerator IPO will be listed on the BSE,NSE. KFin Technologies Limited is the registrar for the Dev Accelerator IPO.
When will the Dev Accelerator IPO open for subscription?
The Dev Accelerator IPO opens on Wed, Sep 10, 2025 and closes on Fri, Sep 12, 2025
What is Dev Accelerator IPO Price Band?
Dev Accelerator IPO Price Band is ₹56 to 61 per share.
What is Dev Accelerator IPO Lot Size?
Dev Accelerator IPO lot size is 235 shares, Retail investors need a minimum investment of ₹14335 based on the upper price band
What is the minimum investment for Dev Accelerator IPO?
The minimum investment for Dev Accelerator IPO is ₹14335, based on one lot of 235 shares at the upper price band of ₹61 per share.
How to apply for Dev Accelerator IPO?
Investors can apply for the Dev Accelerator IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Fri, Sep 12, 2025. The application amount remains blocked until the Dev Accelerator IPO allotment is finalized.
What is Dev Accelerator IPO Issue Size?
Dev Accelerator IPO issue size is ₹143.35 crores.
What is the Dev Accelerator IPO Allotment Date?
Dev Accelerator IPO allotment date is Mon, Sep 15, 2025.
Who is the Dev Accelerator IPO Registrar?
The registrar for Dev Accelerator IPO is KFin Technologies Limited. Investors can go to KFin Technologies Limited website to check Dev Accelerator IPO allotment status, refund processing, and other IPO-related information.
What is the Dev Accelerator IPO GMP?
The Dev Accelerator IPO GMP (Grey Market Premium) is ₹9 as of Fri, Sep 5, 2025. Based on the upper price band of ₹61 per share, the estimated Dev Accelerator IPO listing price is ₹70, indicating a potential listing gain of approximately 14.75% over the issue price.
Who is the Dev Accelerator IPO Lead Manager?
The book-running lead managers (BRLMs) for the Dev Accelerator IPO are . The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Dev Accelerator IPO Red Herring Prospectus (RHP).