Dev Accelerator Limited (DevX) designs, builds, and operates flexible workspaces for enterprises, MNCs, and SMEs—spanning bespoke managed office solutions and coworking centers.
As of May 31, 2025, the company serves 250+ clients across 28 centers in 11 Indian cities, with 14,144 seats and ~8.61 lakh sq. ft under management.
DevX primarily targets large corporates with 5–9 year average tenures (lock-in 3.5–5 years) in managed offices, creating a stable, predictable revenue base. In FY25, Managed Space Services contributed ₹933.75 mn (58.77%), while Coworking contributed ₹89.07 mn (5.61%) of revenue from operations.
DevX operates across Tier 1 and Tier 2 markets, including Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad (incl. Gandhinagar), Indore, Jaipur, Udaipur, Rajkot, and Vadodara, and is one of the largest flex operators by operational stock in Tier-II markets; Tier-II centers run at 88% average occupancy (Mar 2025).
Beyond space-as-a-service, DevX extends design-and-build capabilities through its subsidiary Neddle and Thread Designs LLP, delivering turnkey fit-outs and execution support for both DevX centers and enterprise clients.
Dev Accelerator IPO – Details
| IPO Opening Date | 10 September 2025 |
| IPO Closing Date | 12 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 2,35,00,000 Shares Worth ₹143.35 Crore Fresh Issue: 2,35,00,000 Shares Worth ₹143.35 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹56 – ₹61 per share |
| Market Lot | 235 Shares |
| Min Order | 235 Shares [ 1 Lot ] |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
Dev Accelerator IPO – Date Schedule
| IPO Open Date | 10 September 2025 |
| IPO Close Date | 12 September 2025 |
| Basis of Allotment | 15 September 2025 |
| Initiation of Refund | 16 September 2025 |
| Credit of Shares to Demat Account | 16 September 2025 |
| IPO Listing Date | 17 September 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 12, 2025 |
Dev Accelerator IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 235 | ₹14,335 |
| 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 |
Competitive Strength
- Tier-2 leadership with strong industry tailwinds for flex workspaces.
- Pan-India footprint (11 cities) with healthy occupancy (85–88%).
- Full-stack offering: managed offices + coworking + in-house design/build, facility & payroll, and IT/ITeS.
- Long tenures and lock-ins → stable, predictable revenues.
- 250+ enterprise/MNC/SME clients; diversified customer base.
- Strong growth in centers, seats, area and revenue (FY23–FY25).
- Experienced promoters; ISO 9001 & ISO 27001 certified operations.
- Clear expansion pipeline (incl. Sydney) using multi-model rollout: straight-lease, furnished-by-landlord, revenue-share, OpCo-PropCo.
Company Promoters
- Parth Shah
- Umesh Uttamchandani
- Rushit Shah
- Dev Information Technology Limited
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2022 | ₹71.37 Cr | ₹87.50 Cr | –₹12.83 Cr | ₹33.20 Cr |
| 31 March 2023 | ₹110.73 Cr | ₹119.50 Cr | ₹0.43 Cr | ₹101.05 Cr |
| 31 March 2024 | ₹178.89 Cr | ₹175.15 Cr | ₹1.74 Cr | ₹130.67 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | – |
| ROCE | 25.95% |
| Debt/Equity | 2.39 |
| RoNW | 3.24% |
| PAT Margin | 1.00% |
| EBITDA Margin | 50.64% |
| Price to Book Value | 7.94 |
| Pre IPO | Post IPO | |
| EPS (₹) | 0.26 | 0.19 |
| P/E (x) | 233.25 | 315.45 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Capital expenditure for fit-outs in the new Centres and for security deposits of the new Centres. | ₹73.12 |
| Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of NCDs. | ₹35.00 |
| General corporate purposes. |
Dev Accelerator IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Awfis Space Solutions Ltd | 60.95 |
| 2 | 10 | Smartworks Coworking Spaces Limited | 74.04 |
| 3 | 1 | Indiqube Spaces Limited | 28.69 |
✅Strengths
- Strong Tier-2 presence with consistently high occupancy levels.
- Wide footprint across 11 Indian cities, serving 250+ corporate and MNC clients.
- Integrated service stack: workspace, design, payroll, facilities, and IT solutions.
- Longer lock-in and lease tenures ensuring steady revenue visibility.
- Rapid growth in centers, seats, and revenue over the last 3 years.
- Promoter team with deep industry expertise; ISO-certified operations.
⚠️Risks
- Heavy reliance on straight-lease centers with fixed rental obligations.
- Business reputation vulnerable to service lapses at any one location.
- Dependence on multiple third-party vendors for key services and operations.
- Large share of unsecured loans recallable at short notice.
- Fit-out costs for expansion centers may overrun or face delays.
- Risk of defaults or early exits by enterprise/startup clients.
- Trademark/IP transfers not fully complete, exposing brand to disputes.
- Competitive market dynamics and economic downturns could impact demand.
Dev Accelerator IPO Promoter Holding
| Pre Issue Share Holding | 49.80% |
| Post Issue Share Holding | 36.80% |
Dev Accelerator IPO Prospectus
Company Contact Information
| Dev Accelerator Ltd. 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/ |
Dev Accelerator IPO Registrar
| Kfin Technologies Ltd. Phone: 04067162222, 04079611000 Email: dal.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Dev Accelerator IPO Lead Manager(s)
| 1. Pantomath Capital Advisors Pvt.Ltd. |
Dev Accelerator IPO FAQs
| What is Dev Accelerator IPO? Dev Accelerator IPO is a main-board IPO. The issue is priced at ₹56 to ₹61 per equity share. The IPO is to be listed on BSE & NSE. |
| When will Dev Accelerator IPO open? The IPO is to open on 10 September 2025 for QIB, NII, and Retail Investors. |
| What is Dev Accelerator IPO Investors Portion? The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%. |
| What is Dev Accelerator IPO Size? Dev Accelerator IPO size is ₹143.35 Crore. |
| What is the Dev Accelerator IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 235 Shares with ₹14,335, while the maximum bid is 3,055 Shares with ₹1,86,355. |
| What is the Dev Accelerator IPO Allotment Date? Dev Accelerator IPO allotment date is 15 September 2025. |
| What is the Dev Accelerator IPO Listing Date? Dev Accelerator IPO listing date is 17 September 2025. The IPO is to be listed on BSE and NSE. |
