Dev Accelerator IPO Details
| IPO Open Date: | September 10, 2025 |
| IPO Close Date: | September 12, 2025 |
| Face Value: | ₹2 Per Equity Share |
| IPO Price Band: | ₹56 to ₹61 Per Share |
| Issue Size: | Approx ₹143.35 Crores |
| Fresh Issue: | Approx ₹143.35 Crores |
| Issue Type: | Book Built Issue |
| IPO Listing: | BSE & NSE |
| DRHP Draft Prospectus |  |
| RHP Draft Prospectus: | |
Dev Accelerator IPO Review & Key Points
- Review: The company shown a good financial growth but the lower margin and higher competition might affect the company in coming years. The investor should apply IPO with caution.
- The company reported a rise in earnings and moving to profitability in 2024 and 2025. EBITDA margin also showing strong growth.
- DevX is the brand they operating that provides flexible workspace and managed office solutions in Tier 1 and Tier 2 cities of India.
- The flexible workspace sector is rapidly growingin India and company is planning to add 8–12 new centres using IPO funds under the straight-lease model.
- Their strong client base QX Global, Nemetschek India, Darwinbox, and Wipfli.
- The lower margins with impact the overall profit in coming years.
- Debt to Equity ratio is 2.4x that is higher and indicating higher financial risk.
- DevX might face higher competition with big players like Awfis and Smartworks in India.
Dev Accelerator IPO Market Lot
The Dev Accelerator IPO minimum market lot is 235 shares with ₹14,335 application amount. The retail investors can apply up-to 13 lots with 3,055 shares of ₹1,86,355 amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 235 | ₹14,335 |
| Retail Maximum | 13 | 3,055 | ₹1,86,355 |
| S-HNI Minimum | 14 | 3,290 | ₹2,00,690 |
| B-HNI Minimum | 68 | 16,450 | ₹10,03,450 |
IPO Reservation
| Investor Category | Share Offered | % Share |
| QIB Shares Offered | 1,72,54,875 Shares | 73.43% |
| Anchor Investor | 1,03,52,925 Shares | 44.06% |
| QIB (Ex. Anchor) | 69,01,950 Shares | 29.37% |
| NII Shares Offered | 34,50,975 Shares | 14.69% |
| bNII > ₹10L | 23,00,650 Shares | 9.79% |
| sNII < ₹10L | 11,50,325 Shares | 4.90% |
| Retail Shares Offered | 23,00,650 Shares | 9.79% |
| Shareholder Quota | 3,29,000 Shares | 0.70% |
| Employee Quota | 1,64,500 Shares | 1.40% |
Dev Accelerator IPO Anchor Investors
| Anchor Bidding Date | September 9, 2025 |
| Anchor Investors List | |
| Shares Offered | 1,03,52,925 Shares |
| Anchor Size | 63.15 Cr. |
| lock-in period end date 50% shares (30 Days) | October 15, 2025 |
| lock-in period end date 50% shares (90 Days) | December 14, 2025 |
Dev Accelerator IPO Dates
The Dev Accelerator IPO date is September 10 and the close date is September 12. The Dev Accelerator IPO allotment will be finalized on September 15 and the IPO listing on September 17.
| IPO Open Date: | September 10, 2025 |
| IPO Close Date: | September 12, 2025 |
| Basis of Allotment: | September 15, 2025 |
| Refunds: | September 16, 2025 |
| Credit to Demat Account: | September 16, 2025 |
| IPO Listing Date: | September 17, 2025 |
| IPO Bidding Cut-off Time: | September 12, 2025 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Umesh Uttamchandani, Parth Shah, Rushit Shah And Dev Information Technology Limited.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 6,66,87,515 | 49.80% |
| Promoter Holding Post Issue | 9,01,87,515 | 36.80% |
Objects of the Issue & Utilisation of proceeds
| Purpose | Crores | % |
| Capital expenditure for fit-outs in the new Centres and for security deposits of the new Centres. | 73.12 | 51.01% |
| Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of NCDs | 35.00 | 24.42% |
| General corporate purposes | 35.26 | 24.6% |
About Dev Accelerator IPO
DEV Accelerator was established in 2017 and is one of the major flexible workspace providers in Tier 2 cities in India. The company mainly concentrates on building fully managed, custom-built office workspace for businesses. They have established its business presence across 15 different locations. The tier 1 consists of cities like Delhi NCR, Hyderabad, Mumbai, and Pune, whereas Tier 2 cities consist of Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, and Vadodara.
The company started its business in 2017 by offering office space solutions to various businesses that meet the requirements of the various needs. Finding appropriate office spaces, customizing designs, building the spaces, and providing technology solutions are some of the services the company provides to its customers. The company caters to more than 230 clients and has 25 centers across 11 cities in India. As of August 31, 2024, the company manages 12,691 seats spanning a total of 806,635 square feet.
Dev Accelerator IPO Company Financial Report
The company reported revenue of ₹178.89 crores in 2025 against ₹110.72 crore in 2024. The company reported profit of ₹1.77 crores in 2025 against profit of ₹0.44 crores in 2024.
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2022 | ₹31.37 | ₹39.51 | ₹7.51 | ₹100.80 |
| 2023 | ₹71.37 | ₹87.50 | ₹12.83 | ₹282.42 |
| 2024 | ₹110.72 | ₹119.50 | ₹0.44 | ₹411.09 |
| 2025 | ₹178.89 | ₹175.15 | ₹1.77 | ₹540.38 |
Dev Accelerator KPI – FY2025
Check Dev Accelerator IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | -% |
| ROCE: | 25.95% |
| EBITDA Margin: | 50.64% |
| PAT Margin: | 1.00% |
| Debt to equity ratio: | 2.39 |
| Earning Per Share (EPS): | ₹0.27 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 3.24% |
| Net Asset Value (NAV): | ₹7.68 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Awfis Space Solutions | 9.75 | 60.95 | 14.78 | 64.71 | 1,207.54 Cr. |
| Smartworks Coworking | (6.18) | (74.04) | (58.56) | 10.45 | 1,374.06 Cr. |
| Indiqube Spaces | (7.65) | (28.69) | NA | (0.24) | 1,059.29 Cr. |
IPO Lead Managers aka Merchant Bankers
- Pantomath Capital Advisors Private Limited
Company Address
Dev Accelerator Limited
C-01, The First Commercial Complex,
behind Keshavbaug Party Plot,
Vastrapur, Ahmedabad, Gujarat – 380015, India
Phone: 7041482004
Email: [email protected]
Website: http://www.devx.work/
IPO Registrar
KFin Technologies Limited
Phone: 04067162222, 04079611000
E-mail: [email protected]
Website: https://ipostatus.kfintech.com/
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