Here’s a comprehensive and updated overview of Dev Accelerator Limited (DevX) IPO.
Established in 2017, Dev Accelerator Limited was earlier known as DevX and converted into a public limited company in September 2024.
It is promoted by entrepreneurs Parth Shah, Umesh Uttamchandani, Rushit Shah, along with Dev Information Technology Limited.
IPO Timeline
- Opening Date: September 10, 2025
- Closing Date: September 12, 2025
- Anchor Investor Book Opens: September 9, 2025
- Allotment Date: Expected on September 15, 2025
- Listing Date: September 17, 2025
IPO Details
- Face Value: ₹2 per share
- Price Band: ₹56 – ₹61 per share
- Lot Size: 235 Shares
- Total Issue Size: 2,35,00,000 shares
- Issue Type: Bookbuilding IPO
- Listing At: BSE, NSE
- Share Holding Pre Issue: 6,66,87,515 shares
- Share Holding Post Issue: 9,01,87,515 shares
GMP of Dev Accelerator Limited IPO
- According to India Today, as of September 5, 2025 at 4:32 PM, the GMP was ₹9 points above the upper price band. With the upper price at ₹61, this implies a potential listing price of ₹70, indicating a listing gain of approximately 14.75%.
- ET Now also confirms the same—GMP at ₹9, and an estimated listing price of ₹70, with a projected gain of ₹2,115 for a typical lot.
Summary Table
| Parameter | Value |
|---|---|
| Grey Market Premium (GMP) | ₹9 |
| Price Band (Upper Limit) | ₹61 |
| Estimated Listing Price | ₹70 |
| Expected Gain (%) | ~14.75% |
Dev Accelerator Limited IPO Lot Size
Here’s the detailed information on the lot size for the Dev Accelerator Limited IPO:
| 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 |
Dev Accelerator Limited IPO Promoter Holding
Here’s the detailed information on the promoter shareholding of Dev Accelerator Limited IPO, based on reliable sources:
Promoter Shareholding Overview
| Metric | Value |
|---|---|
| Pre-IPO Promoter Holding | 49.80 % |
| Post-IPO Promoter Holding | 36.80 % |
Source Citations:
- According to Finowings, pre-issue promoter shareholding is 49.80% and post-issue drops to 36.80%.
About Dev Accelerator Limited
- Founded and HQ Location: Dev Accelerator Limited, also known as DevX, was established around 2017 (or converted into a public limited company around 2020). It’s based in Ahmedabad, Gujarat.
- Core Business: DevX operates as a flexible workspace solutions provider. It designs, builds, and manages workspace environments—including individual desks, coworking areas, and bespoke managed office spaces—for a diverse client base of corporates, MNCs, SMEs, and startups.
- Lifecycle: The company handles the entire value chain—from sourcing office spaces, customizing interior design, and implementing technology, to full asset management.
Geographical Presence & Scale
- Operational Footprint: As of mid-2025, DevX manages 25 to 28 centers across 11 Indian cities, spanning both Tier-1 (e.g., Delhi-NCR, Hyderabad, Mumbai, Pune) and Tier-2 markets (e.g., Ahmedabad, Indore, Jaipur, Vadodara, Udaipur, Rajkot).
Capacity:
- Seats: 12,691 to 14,144 seats under management
- Clients: Services over 230–250 clients across sectors, ensuring a diversified client base.
- Area: Approximately 8.06–8.60 lakh sq ft of space managed
Business Model & Revenue Mix
Sector Focus: A substantial portion of DevX’s operations serve Tier-2 markets, where they’ve established a leading position.
Leasing Strategies:
- Straight Lease Model
- Revenue Share Model
- Furnished by Landlord Model
Occupancy & Stability:
- Maintains strong seat occupancy (~85–88%)
- Long-term lease tenures (typically 5 to 9 years, with lock-ins of 3.5 to 5 years) offer steady and predictable revenue flows
Dev Accelerator Limited Financial Information
Here’s a detailed breakdown of Dev Accelerator Limited financial performance, covering three fiscal years with key metrics structured neatly in tables and supported by data sources.
| Period Ended | 31 Mar 2025 | Mar 31 2024 | 31 Mar 2023 |
| Assets | ₹540.38 Crore | ₹411.09 Crore | ₹282.42 Crore |
| Total Income | ₹178.89 Crore | ₹110.73 Crore | ₹71.37 Crore |
| Profit After Tax | ₹1.74 Crore | ₹0.43 Crore | ₹-12.83 Crore |
| EBITDA | ₹80.46 Crore | ₹64.74 Crore | ₹29.88 Crore |
| Net Worth | ₹54.79 Crore | ₹28.79 Crore | ₹1.22 Crore |
| Total Borrowing | ₹130.67 Crore | ₹101.05 Crore | ₹33.20 Crore |
Key Performance Indicator (KPI)
Here are the Key Performance Indicators (KPIs) for Dev Accelerator Limited IPO, based on its FY23–FY25 financials and IPO filings:
| KPI | Values |
|---|---|
| ROCE | 25.95% |
| Debt/Equity | 2.39 |
| RoNW | 3.24% |
| PAT Margin | 1.00% |
| EBITDA Margin | 50.64% |
| Price to Book Value | 7.94 |
Objects of the Issue (Dev Accelerator Limited IPO Objectives)
Here’s a detailed version of the Objects of the Issue for Dev Accelerator Limited IPO.
1) Repayment / Prepayment of Borrowings
- A significant portion of the net proceeds will be used to repay or prepay outstanding loans availed by the company and its subsidiaries.
- This will help reduce debt burden, lower interest costs, and improve the debt-to-equity ratio.
2) Funding Capital Expenditure (Capex) for Expansion
- Investment in setting up new coworking and managed office spaces.
- Development of technology infrastructure and workspace modernization.
- Enhancing capacity in existing centers to meet rising demand for flexible office solutions.
3) Working Capital Requirements
- Part of the proceeds will be allocated to support day-to-day working capital needs.
- This ensures smooth operations, including vendor payments, salaries, utilities, and maintenance.
4) General Corporate Purposes
- Utilization for brand building, marketing, administrative expenses, and strategic initiatives.
- May include future acquisitions, partnerships, or investments to strengthen market presence.
5) Issue Expenses
- Covering costs related to the IPO process itself, such as underwriting fees, registrar fees, advertising, and regulatory expenses.
Summary Table
| IPO Objective | Details |
|---|---|
| Repayment / Prepayment of Borrowings | Reduce debt, improve balance sheet, lower finance cost |
| Capital Expenditure (Capex) | Expand coworking spaces, modernize infrastructure, technology investments |
| Working Capital Requirement | Support operational liquidity, manage short-term expenses |
| General Corporate Purposes | Branding, marketing, acquisitions, and strategic growth |
| Issue Expenses | Cover IPO-related costs and listing expenses |
Strengths of Dev Accelerator Limited IPO
1) Strong Revenue Growth
- Revenue grew from ₹69.9 crore in 2023 → ₹178.9 crore in 2025, showing robust business expansion.
2) High EBITDA Margins
- EBITDA margin has consistently been strong, ranging between 50%–62%, reflecting efficient operations.
3) Growing Coworking & Managed Office Sector
- Rising demand for flexible workspaces in India due to startups, SMEs, and corporates shifting to hybrid work models.
4) Experienced Promoter Team
- Founders and promoters have 7+ years of expertise in workspace management, technology, and operations.
5) Corporate Promoter Support
- Backed by Dev Information Technology Limited, providing additional credibility and corporate synergies.
6) Diversified Workspace Solutions
- Offers coworking, managed offices, and customized workspace solutions catering to varied client needs.
7) Strong ROCE (Return on Capital Employed)
- ROCE of ~26% in 2025 indicates efficient utilization of capital for core operations.
Risks of Dev Accelerator Limited IPO
1) Thin Profit Margins
- Despite high revenue and EBITDA, PAT margin is only ~1.11% in 2025, showing weak bottom-line profitability.
2) High Debt Levels
- Debt-to-equity ratio of ~2.4× in 2025 signals heavy reliance on borrowings, which increases financial risk.
3) Competitive Industry
- Faces competition from Awfis, Smartworks, WeWork India, and local coworking players, which could impact pricing power.
4) Economic Cyclicality
- Coworking demand is linked to economic growth and startup activity; downturns can reduce occupancy rates.
5) Lease & Real Estate Risk
- Heavy dependence on leased properties; any increase in rental costs or early lease termination may hurt margins.
6) Regulatory & Compliance Risk
- Subject to real estate, labor, and SEBI regulations; non-compliance can lead to penalties or business disruptions.
7) Low ROE (Return on Equity)
- ROE is only ~3.2% in 2025, indicating limited returns for shareholders despite growth.
Dev Accelerator Limited Contact Details
Here are the official contact details for Dev Accelerator Limited (DevX), compiled from authentic sources for clarity and accuracy:
Contact Details
| Category | Details |
|---|---|
| Registered Office (Ahmedabad) | C-01, The First Commercial Complex, behind Keshavbaug Party Plot, Vastrapur, Ahmedabad, Gujarat – 380015, India |
| Additional Office Locations | Pune, Noida, Gandhinagar, Jaipur, Hyderabad, Vadodara, Rajkot, Udaipur (various branches) devxeduinfra.com |
| Phone (Ahmedabad Office) | +91-7041482004 |
| Email Addresses | – General: [email protected] (also seen as connect@devxeduinfra.com) – Legal/Compliance: [email protected] |
| Website | www.devx.work |
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