Dev Accelerator IPO Price: ₹56 to ₹61 per share
IPO Dates: 10th September 2025 – 12th September 2025
Company Overview
Founded in 2017, Dev Accelerator Limited (popularly known as DevX) has emerged as one of India’s leading providers of flexible office space solutions. The company offers a wide range of coworking and managed office environments, designed to meet the evolving needs of corporates, MNCs, SMEs, and startups. By providing both individual desks and fully customized private suites, Dev Accelerator has positioned itself as a strong player in the fast-growing flex workspace industry.
Corporate Evolution
The company was originally incorporated as Dev Accelerator LLP in 2017. In July 2019, Parashwanath Land Organisers LLP joined as a partner, and the firm was later converted into a private limited company under the name Dev Accelerator Pvt. Ltd. in August 2020. In September 2024, it was converted into a public limited company and renamed Dev Accelerator Limited.
Alongside its workspace operations, DevX also operates through its subsidiary, Neddle and Thread Designs LLP, which provides design and execution services for customized office spaces.
Business Model and Services
Dev Accelerator’s business model revolves around delivering flexible, scalable, and technology-enabled workspace solutions. The company caters to diverse requirements—from sourcing office spaces and designing interiors to providing technology solutions for complete asset management. Its offerings include coworking desks, private offices, managed spaces, and bespoke office designs, making it one of the most comprehensive providers in the sector.
Presence and Operations
Over the years, the company has significantly expanded its presence across both Tier 1 and Tier 2 markets. As of May 31, 2025, Dev Accelerator operated 28 centres across 11 cities in India, offering 14,144 seats with a total super built-up area of 860,522 sq. ft. The company maintains five premium-grade centres in Mumbai, Pune, Ahmedabad, Jaipur, and Udaipur, along with 23 standard-grade centres spread across 10 cities, including Delhi-NCR, Hyderabad, Gandhinagar, Indore, Rajkot, and Vadodara.
Occupancy levels have remained consistently strong, standing at 87.19% as of May 31, 2025, compared with 87.61% in FY 2025, 83.09% in FY 2024, and 80.85% in FY 2023. Between March 2023 and March 2025, the company’s operational centres, seats, and managed area recorded a CAGR of 23.67%, 16.34%, and 15.24%, respectively.
Expansion Strategy
Dev Accelerator is actively pursuing growth opportunities in both domestic and international markets. The company has signed Letters of Intent for three new centres, including its first overseas facility in Sydney, Australia, and another in Surat, India. Collectively, these new centres will add 11,500 seats across 897,341 sq. ft. of space. Looking ahead, the company intends to establish eight additional centres over the next two years, covering nearly 940,961 sq. ft. of super built-up area.
Client Base
With a strong focus on customer satisfaction, Dev Accelerator has built a diverse client base of more than 250 organizations. Its clientele includes leading domestic corporations as well as multinational firms such as Zomato Ltd., QX Global Services Pvt. Ltd., Paperchase Accountancy India Pvt. Ltd., and Wipfli India LLP. This strong client network underlines the company’s credibility and ability to deliver long-term value through its integrated workspace model.
Competitive Strengths
Dev Accelerator’s strong market position is supported by several competitive advantages:
- Leadership as one of the largest managed space operators in Tier 2 markets
- A pan-India presence with consistently high occupancy levels across centres
- A customer-centric, integrated platform approach that ensures long-term relationships
- Demonstrated track record of strong financial and operational performance
- An experienced promoter group and management team with deep industry expertise
Bidding Starts In
Dev Accelerator IPO Specifics:
| IPO Date | September 10, 2025 to September 12, 2025 |
| Face Value | ₹2 per share |
| Price Band | ₹56 to ₹61 per share |
| Lot Size | 235 Shares |
| Total Issue Size | 2,35,00,000 shares (aggregating up to ₹143.35 Cr) |
| Fresh Issue | 2,35,00,000 shares (aggregating up to ₹143.35 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 6,66,87,515 shares |
| Share Holding Post Issue | 9,01,87,515 shares |
Dev Accelerator IPO Timetable (Important Dates)
| IPO Open Date | Wednesday, September 10 2025 |
| IPO Close Date | Friday, September 12 2025 |
| Basis of Allotment | Monday, September 15 2025 |
| Initiation of Refunds | Tuesday, September 16 2025 |
| Credit of Shares to Demat | Tuesday, September 16 2025 |
| Listing Date | Wednesday, September 17 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 12, 2025 |
Dev Accelerator IPO Lot Size
Bidders have the opportunity to bid for a minimum of 235 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 235 | ₹14,335 |
| Retail (Max) | 13 | 3055 | ₹1,86,355 |
| S-HNI (Min) | 14 | 3290 | ₹2,00,690 |
| S-HNI (Max) | 69 | 16215 | ₹9,89,115 |
| B-HNI (Min) | 70 | 16450 | ₹10,03,450 |
Dev Accelerator IPO Reservation
| QIB Shares Offered | Not more than 75% of the Net offer |
| Retail Shares Offered | Not less than 10% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
Dev Accelerator Limited IPO Financial Information
| Period Ended | 31 Mar 2023 | 31 Mar 2024 | 31 Mar 2025 |
|---|---|---|---|
| Assets | 282.42 | 411.09 | 540.38 |
| Total Income | 71.37 | 110.73 | 178.89 |
| Profit After Tax | -12.83 | 0.43 | 1.74 |
| EBITDA | 29.88 | 64.74 | 80.46 |
| Net Worth | 1.22 | 28.79 | 54.79 |
| Total Borrowing | 33.20 | 101.05 | 130.67 |
Key Performance Indicator – Dev Accelerator IPO
| KPI | Values |
|---|---|
| Market Cap | ₹550.14 Cr |
| EPS | ₹0.26 |
| P/E (x) | 233.25 |
| ROCE | 25.95% |
| PAT Margin | 1% |
| RoNW | 3.24% |
| Debt/Equity | 2.39 |
Objects of the Issue:
Dev Accelerator Limited proposes to utilize the net proceeds from its Initial Public Offering (IPO) for the following purposes:
- Capital Expenditure for New Centres: An amount of ₹73.12 crore will be allocated towards capital expenditure for fit-outs in the new centres and for security deposits of these centres, supporting business expansion and operational growth.
- Repayment/Prepayment of Borrowings: ₹35.00 crore will be utilized for repayment and/or prepayment, in full or in part, of certain borrowings availed by the company, including the redemption of Non-Convertible Debentures (NCDs). This will help reduce debt and strengthen the balance sheet.
- General Corporate Purposes: The balance of the proceeds will be used for general corporate activities, including administrative expenses, brand building, and other strategic initiatives to enhance overall business efficiency.
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
