For investors, it can be quite challenging to decide if the Dev Accelerator IPO is a good investment. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. In this article, we present the top key factors and a detailed review of the Dev Accelerator IPO. This will help you analyze the strengths, risks, and financial details of the company, improving your investment decision.
About Company
Founded in 2017, DEV Accelerator is the largest flex space operator in Tier 2 markets. As of May 31, 2025, the company has expanded to Tier 1 and Tier 2 cities across India, such as Delhi NCR, Hyderabad, Mumbai, Pune, Ahmedabad, Gandhinagar, Indore, Jaipur, Udaipur, Rajkot, and Vadodara. Its office space solution covers office spaces, customizing designs, developing spaces, and providing technology solutions. Shortly, the company will be involved in creating and running office spaces smoothly, leaving the clients worry-free.
The company has over 250 clients through 28 centers in 11 cities across India, offering 14,144 seats and managing a total area of 860,522 square feet. The company started its business in 2017 by offering office space solutions to various businesses that meet the requirements of 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.
Strengths
- The company has a strong pan-India presence with consistently high occupancy rates across the centers.
- The company has built a reputation for delivering strong financial and operating performance, reflected in steady revenue growth.
- Dev Accelerator has been managed by an experienced management team that has deep industry knowledge of the company.
Weaknesses
- In FY25, FY24, and FY23, around 38–37% of the revenue comes from the top 10 customers, while about 54–53% of the revenue comes from the top 20 customers in the same years. Loss of any top customers or a drop in sales can badly impact the company’s performance and business.
- The company’s managing director is also engaged in another business that operates in the same industry as the company.
- Previously, the company has entered into and may continue to enter into related-party deals in the future as well, which might not be in the company’s best interest, which can badly affect the company.
- Dev Accelerator depends on its customers for its revenue. If they had a bad experience with our company or if we were not able to keep the clients, it could negatively impact the business.
Dev Accelerator IPO Review
| Reviewer | Recommendation |
| Lakshmishree Investment & Securities Ltd | Apply |
| Arihant Capital Markets Ltd | Neutral |
| BP Equities (BP Wealth) | Apply |
| Capital Market | Neutral |
| Reliance Securities | Apply |
| SBICAP Securities Limited | Apply |
| Ventura Securities Limited | Apply |
| SMC Global | |
| Swastika Investmart | |
| ICICIdirect | |
| Choice Broking |
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 |
| Registrar | KFin Technologies Limited |
| IPO Lead Managers | Pantomath Capital Advisors Private Limited |
| Basis of Allotment | September 15, 2025 |
| IPO Listing Date: | September 17, 2025 |
| Listing | BSE, NSE |
Financial Performance Trend Details
| Particulars | FY2023 | FY2024 | FY2025 |
| Revenue from Operations | 69.91 | 108.09 | 158.88 |
| EBITDA | 29.88 | 64.74 | 80.46 |
| EBITDA Margin (%) | 42.7% | 59.9% | 50.6% |
| Net Profit / (Loss) | (12.83) | 0.44 | 1.77 |
| Net Profit Margin (%) | (17.9)% | 0.4% | 1.0% |
| ROCE (%) | 3.7% | 17.3% | 25.9% |
Key Indicators
| KPI | Values |
| RoNW | 3.24 |
| Net Worth | ₹55 crore |
| PAT | 17.73 (in million) |
| PAT Margin | 1.00 % |
Promoters & Track Records, if any
- Umesh Uttamchandani is the Managing Director of the company, responsible for managing key operations and growth areas of the Company, including investor relations, accounts and finance, coworking and managed office sales, new business expansion, and strategic partnerships. Umesh Uttamchandani holds 6,198,880 equity shares in the company, representing 9.30% of the shareholding.
- Parth Naimeshbhai Shah is the Chairman and Whole-time Director of the Company, responsible for handling human resources, marketing, tech development, sales in the interior design vertical, process implementation, and office interior design. Parth Shah holds 6,198,880 equity shares in the company, representing 9.30% of the shareholding.
- Rushit Shardulkumar Shah is a Whole-time Director of the company, responsible for handling various services such as Legal, Procurement, Coworking and Managed Office Operations, Office site Executions, and IT and Networking domains. Rushit Shah holds 6,198,880 equity shares in the company, representing 9.30% of the shareholding.
- Dev Information Technology Limited holds 14,605,210 equity shares in the company, representing 21.90% of the shareholding in the company.
Peer Comparison With the Company
| Name of the Company | Revenue from operations | Basic EPS | Diluted EPS | RONW (%) | P/E Ratio | Net Worth |
| Dev Accelerator Limited | 1,588.75 | 0.27 | 0.27 | 3.24 | [●] | 547.86 |
| Awfis Space Solution s Ltd | 12,075.35 | 9.75 | 9.67 | 14.78 | 60.95 | 4,592.19 |
| Smartworks Coworking Spaces Limited | 13,740.56 | (6.18) | (6.18) | (58.56) | (74.04) | 1,078.81 |
| Indiqube Spaces Limited | 10,592.86 | (7.65) | (7.65) | NA | (28.69 | (31.11) |
Industry Peer Group P / E ratio
The highest, lowest, and average P/E ratios among the compared companies are 60.95, which belongs to Awfis Space Solutions Ltd.
Expansion
- The proceeds raised from the fresh issue will be utilized towards expenditure for fit-outs in the new Centres and for security deposits of the new Centres.
- Some funds will be used for the repayment/prepayment of certain borrowings taken by the company.
- Lastly, the remaining funds will be used for the company’s general corporate purposes.
Dev Accelerator IPO – Should You Apply or Not?
In this blooming flexible workspace sector, Dev Accelerators IPO offers a greatest opportunity in India, especially in the Tier-2 market. A strong brand presence across multiple cities, consistent growth, and improved financial performance make the company well-positioned in the managed office spaces.
As of September 9, the Grey Market Premium (GMP) for Dev Accelerator stands at ₹11 against the IPO price of ₹61, indicating that the stock may list around ₹72. This suggests a potential listing gain of approximately 18%–20%, which can be considered a decent debut. However, investors should note certain risks such as the company’s dependency on a limited customer base, negative cash flows, and competitive pressures within the business.
Those with a higher tolerance for risk can apply for this IPO, and cautious investors must carefully analyze the company’s financial background, risks, strengths, and strategies before applying to it.
Please Note:
This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
