IPO Details
Bidding Dates
10 Sep '25 - 12 Sep '25
Minimum Investment
₹14,335/ Lots (235 Shares)
Price Range
₹56 -₹61
Maximum Investment
To be announced
Retail Discount
To be announced
Issue Size
₹143.35 Cr
Investor category and sub category
Retail Individual Investors (RII) | Non-institutional Investors (NII) | Qualified Institutional Buyers (QIB) |Dev Accelerator IPO Important Dates
Important dates with respect to IPO allotment and listing
IPO Opening Date
Sep 10, 25
IPO Closing Date
Sep 12, 25
Basis of Allotment
Sep 15, 25
Initiation of Refunds
Sep 16, 25
IPO Listing Date
Sep 17, 25
IPO Subscription Details
| Date | QIB | NII | Retail | Total |
|---|---|---|---|---|
|
Day 1Sep 9, 2025 |
1.16 | 3.35 | 15.71 | 4.35 |
About Dev Accelerator IPO
Dev Accelerator IPO is a book-built issue with a total size of ₹143.35 crore. The issue is entirely a fresh issue of 2.35 crore shares aggregating to ₹143.35 crore. The IPO opens for subscription on September 10, 2025, and closes on September 12, 2025.
The basis of allotment is expected to be finalised on September 15, 2025. The shares are proposed to be listed on the BSE and NSE, with a tentative listing date of September 17, 2025. The price band for the Dev Accelerator IPO has been fixed between ₹56.00 and ₹61.00 per share.
The lot size is set at 235 shares. A retail investor is required to make a minimum investment of ₹14,335 (1 lot of 235 shares at the upper price band). The maximum investment for retail is ₹1,86,355 for 13 lots (3,055 shares). For High Net-worth Individuals (HNIs), the minimum application is for 14 lots (3,290 shares) amounting to ₹2,00,690, while Big HNIs can apply for a minimum of 70 lots (16,450 shares) amounting to ₹10,03,450.
Pantomath Capital Advisors Pvt. Ltd. is the book running lead manager, Kfin Technologies Ltd. is the registrar, and there is no market maker since this is a mainboard IPO (not SME). Refer to the Dev Accelerator IPO RHP for complete details.
Dev Accelerator IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- ₹73.12 crore will be utilised for capital expenditure on fit-outs in new centres and for security deposits of upcoming centres.
- ₹35.00 crore is planned for repayment and/or pre-payment of certain borrowings, including redemption of NCDs.
- A portion of the proceeds will be used for general corporate purposes to meet administrative and business expansion requirements.
- The balance amount will help strengthen the company’s financial position by supporting growth opportunities and reducing debt burden.
About Dev Accelerator Limited
Dev Accelerator Limited, established in 2017 and popularly known as DevX, is engaged in providing flexible office spaces, including coworking environments and managed offices, tailored to the needs of corporates, MNCs, and SMEs.
The company has rapidly expanded its presence across 11 cities in India, operating 28 centres with 14,144 seats and a total area under management of 8.6 lakh sq. ft. as of May 31, 2025. Dev Accelerator has also signed Letters of Intent for three new centres, including its first international centre in Sydney, Australia, and an upcoming facility in Surat, which together will add 11,500 seats across 8.97 lakh sq. ft.
The company’s client base exceeds 250 corporates, and its offerings include customisable workspaces, dedicated suites, and flexible leasing solutions that address the evolving trends of remote and hybrid work. Its subsidiary, Neddle and Thread Designs LLP, provides design and execution services, further strengthening its service portfolio.
Headquartered in Ahmedabad, Gujarat, Dev Accelerator positions itself as one of the largest homegrown flex space operators in India, leveraging demand from modern businesses for scalable, cost-efficient, and collaborative work environments.
Industry Outlook
- India’s flexible workspace industry has witnessed rapid growth, driven by the shift towards hybrid work models, rising demand from startups, SMEs, and large corporates, and the need for cost-effective and scalable office solutions.
- The Indian office market is estimated at around 700–750 million sq. ft., with flexible spaces accounting for nearly 10–12% of the total. By 2030, this share is expected to increase to 20–25%, supported by factors such as urbanisation, digitalisation, and the growth of gig and remote workforces. Tier-I and Tier-II cities are expected to drive much of this demand, as corporates expand their presence beyond metros.
- Globally, the flexible workspace industry is also expected to grow steadily, with businesses prioritising agility, employee convenience, and reduced real estate costs. India is seen as one of the fastest-growing markets in Asia-Pacific, making it a favourable environment for operators like Dev Accelerator to scale their operations.
How To Apply for the Dev Accelerator IPO Online?
- Log in to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Dev Accelerator IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of the Dev Accelerator IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Dev Accelerator Limited
Registered Office
C-01, The First Commercial Complex,
Behind Keshavbaug Party Plot,
Vastrapur, Ahmedabad, Gujarat – 380015, India
Phone: +91 70414 82004
E-mail:compliance@devx.work
Dev Accelerator IPO Reservation
|
Investor Category |
Shares Offered |
|
Market Maker Shares |
NA |
|
QIB Shares |
Not less than 75% of the issue |
|
NII (HNI) Shares |
Not more than 15% of the issue |
|
Retail Shares |
Not more than 10% of the issue |
|
Total Shares |
2,35,00,000 (100% of the issue) |
Dev Accelerator IPO Lot Size Details
|
Application |
Lots |
Shares |
Amount |
|
Individual investors (Retail) (Min) |
1 |
235 |
₹14,335 |
|
Individual investors (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 Promoter Holding
The promoters of the company are Parth Shah, Umesh Uttamchandani, Rushit Shah, and Dev Information Technology Limited.
|
Share Holding Pre-Issue |
49.80% |
|
Share Holding Post Issue |
36.80% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Dev Accelerator IPO Anchor Investors Details
|
Particulars |
Details |
|
Bid Opening Date |
September 9, 2025 |
|
Total Shares Allotted |
70,45,380 |
|
Anchor Investor Portion |
₹43.98 crore |
|
Lock-in End Date for 50% of Shares (30 Days) |
October 16, 2025 |
|
Lock-in End Date for Remaining 50% of Shares (90 Days) |
December 16, 2025 |
Key Performance Indicators for Dev Accelerator IPO
|
KPI |
Value |
|
ROE (%) |
3.24 |
|
RoCE (%) |
25.95 |
|
Debt/Equity |
2.39 |
|
RoNW (%) |
3.24 |
|
PAT Margin (%) |
1.00 |
|
EBITDA Margin (%) |
50.64 |
Dev Accelerator IPO Prospectus
Dev Accelerator IPO Registrar and Lead Managers
Dev Accelerator IPO Lead Managers
- Pantomath Capital Advisors Pvt. Ltd.
Registrar for Dev Accelerator IPO
Kfin Technologies Ltd.
Phone: +91 40 6716 2222, +91 40 7961 1000
Email: dal.ipo@kfintech.com
Website:https://ipostatus.kfintech.coml
Financial Performance of Dev Accelerator Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|---|
| Revenue from Operations (₹ million) | 1,588.75 | 1,080.87 | 699.11 |
| Other Income (₹ million) | 190.13 | 26.45 | 14.56 |
| Total Income (₹ million) | 1,778.88 | 1,107.32 | 713.67 |
| Profit/(Loss) Before Tax (₹ million) | 26.99 | 86.19 | 160.45 |
| Profit/(Loss) After Tax (₹ million) | 17.44 | 4.33 | 128.30 |
| PAT Margin (%) | 0.98% | 0.40% | 18.36% |
| Earnings Per Share (Basic/Diluted, ₹) | 0.27 | 0.08 | 2.55 |
Know before investing
Strengths
6-
Revenue from operations increased from ₹699.11 lakh in FY 2023 to ₹1,588.75 lakh in FY 2025, showing a CAGR of ~50.75%.
-
Operational centers maintain occupancy rates above 80%, reaching 87.6% in FY 2025, indicating strong client demand and efficient space utilisation.
-
The promoters and senior management bring sectoral expertise and proven execution capability, giving the company an edge in scaling operations.
-
India’s flex workspace market is expanding rapidly, expected to reach 8–9% penetration of total office stock in the next five years, providing growth opportunities.
-
With existing operations in multiple cities, Dev Accelerator can tap into untapped Tier-I and Tier-II markets.
-
Increasing focus on digital solutions and IT/ITES services enhances value-added offerings, helping capture enterprise clients.
Risks
6-
The company is highly dependent on leased properties, and any dispute or termination of lease agreements may disrupt operations.
-
Failure of lessors to obtain necessary statutory approvals such as health or fire NOCs could lead to penalties, delays, or closure of centres.
-
High levels of borrowings and lease liabilities expose the company to repayment pressure and interest rate fluctuations.
-
The company has a limited track record of profitability and has incurred losses in previous years, which raises concerns about consistent earnings.
-
No dividends have been declared in recent financial years, and there is no assurance of dividend payouts in the near future.
-
Regulatory risks exist as delays in approvals or changes in compliance norms could impact expansion and ongoing operations.
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Dev Accelerator Limited Peer Comparison
| Company | Revenue from Operations (₹ in lakh) | Diluted EPS (₹) | P/E Ratio | Return on Net Worth (%) |
|---|---|---|---|---|
| Dev Accelerator Limited | 15,887.50 | 0.27* | [●] | 3.24 |
| Awfis Space Solutions Ltd | 1,20,753.50 | 9.67 | 60.95 | 14.78 |
| Smartworks Coworking Spaces Ltd | 1,37,405.60 | 6.18 | 74.04 | 58.56 |
| Indiqube Spaces Ltd | 1,05,928.60 | 7.65 | 28.69 | NA |
Dev Accelerator IPO FAQs
Dev Accelerator IPO is a book-built issue of ₹143.35 crore, consisting entirely of a fresh issue of 2.35 crore shares.
The basis of allotment will be finalised on Monday, September 15, 2025.
The IPO will open on Wednesday, September 10, 2025, and close on Friday, September 12, 2025.
The minimum lot size for retail investors is 1 lot (235 shares), requiring an investment of ₹14,335 at the upper price band.
The shares are proposed to be listed on the BSE and NSE, with a tentative listing date of Wednesday, September 17, 2025.
The issue size is ₹143.35 crore.
The IPO opens on September 10, 2025 and closes on September 12, 2025.
Listing gains cannot be determined before the IPO lists on the exchange.
- Apply using multiple Demat accounts with different PANs.
- Bid at the cut-off price or upper end of the price band.
- Ensure timely submission of your application within the bidding window.
Log in to your UPI app and approve the mandate request by entering your UPI PIN.
No, only one application per PAN is allowed.
You can download and review the company’s RHP document for detailed financial statements.
Pre-apply allows investors to apply up to two days before the IPO opens, ensuring early submission of the application.
Your order will be placed when the IPO bidding window opens, and you will receive a UPI mandate request within 24 hours.
You will be notified once your order is successfully placed with the exchange.
Kfin Technologies Ltd. is the registrar handling allotment and investor-related queries.
The IPO will be listed on the mainboard of BSE and NSE.
