Dev Accelerator IPO
Bookbuilding IPO | ₹143.00 Cr | Listing at BSE, NSE
IPO Open
Wed, Sep 10, 2025
IPO Close
Fri, Sep 12, 2025
Price Band
₹56.00 to ₹61.00
Market Cap (Pre-IPO)
₹550.14 Cr
IPO Details
| IPO Date | Sep 10, 2025 to Sep 12, 2025 |
| Listing Date | Tentative: Sep 17, 2025 |
| Face Value | ₹2.00 per share |
| Price Band | ₹56.00 to ₹61.00 |
| Lot Size | 235 Shares (Minimum: ₹14,335.00) |
| Sale Type | Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹143.00 Crores |
| Total Shares Offered | 23,500,000 shares |
| Offer For Sale | 23,500,000 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 20.30x |
| NII | 87.97x |
| RII | 164.89x |
| Total | 64.00x |
Dev Accelerator IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 1,72,54,875 (73.43%) |
| Retail Shares Offered | 23,00,650 (9.79%) |
| NII Shares Offered | 34,50,975 (14.69%) |
Dev Accelerator IPO Lot Size
Investors can bid for a minimum of 235 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 235 | ₹14,335 |
| Retail (Max) | 13 | 3,055 | ₹186,355 |
| S-HNI (Min) | 14 | 3,290 | ₹200,690 |
| S-HNI (Max) | 69 | 16,215 | ₹989,115 |
| B-HNI (Min) | 70 | 16,450 | ₹1,003,450 |
Dev Accelerator Financial Information (Restated Consolidated)
Dev Accelerator Ltd.'s revenue increased by 62% and profit after tax (PAT) rose by 303% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 540.38 | 411.09 | 282.42 |
| Total Income | 178.89 | 110.73 | 71.37 |
| Profit After Tax | 1.74 | 0.43 | -12.83 |
| EBITDA | 80.46 | 64.74 | 29.88 |
| NET Worth | 54.79 | 28.79 | 1.22 |
| Reserves and Surplus | 130.67 | 101.05 | 33.20 |
| Total Borrowing | 0.00 | 0.00 | 0.00 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 0.00% |
| ROCE (Return on Capital Employed) | 25.95% |
| Debt/Equity | 2.39 |
| RoNW (Return on Net Worth) | 3.24% |
| PAT Margin (Profit After Tax Margin) | 1.00% |
| EBITDA Margin | 50.64% |
| Price to Book Value | 7.94 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 0.26 | 0.19 |
| P/E (x) | 233.25 | 315.45 |
| Promoter Holding | 49.80% | 36.80% |
Company Promoters
- Parth Shah
- Umesh Uttamchandani
- Rushit Shah and Dev Information Technology Limited are the company promoters.
Company Overview
Established in 2017, Dev Accelerator Limited, commonly known as DevX, provides flexible office spaces, including coworking environments. The company has expanded its presence to 15 centers across India, encompassing major cities such as Delhi-NCR, Hyderabad, Mumbai, and Pune.
The company's business model focuses on providing flexible workspace solutions tailored to the evolving needs of modern businesses. This includes offering customizable desks and suites, accommodating remote work trends, and providing flexible lease options.
As of May 31, 2025, the company serves over 250 clients and has 28 centres across 11 cities in India, with 14,144 seats covering a total area under management of 860,522 square feet.
The company have signed Letters of Intent (LOIs) for three new centers, including the company's first international centre in Sydney, Australia. Additionally, we have leased space for a new center in Surat. These upcoming centers will offer 11,500 seats across a total area of 897,341 sq. ft.
Dev Accelerator Limited provide flexible office space solutions, including managed offices and coworking spaces, to large corporates, MNCs, and SMEs. The company's subsidiary, Neddle and Thread Designs LLP, also offers design and execution services.
Use of Proceeds
| 1) | Capital expenditure for fit-outs in the new Centres and for security deposits of the new Centres. | 73.12 |
| 2) | Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of NCDs | 35.00 |
| 3) | General corporate purposes | 19.26 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Dev Accelerator IPO Peer Comparison
Dev Accelerator peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Dev Accelerator | 0.27 | 0.27 | 7.68 | 0.00 | 3.24 | 0.00 | Consolidated |
| Awfis Space Solutions | 9.75 | 9.67 | 64.71 | 60.95 | 14.78 | 9.20 | Consolidated |
| Smartworks Coworking Spaces | -6.18 | -6.18 | 10.45 | -74.04 | -58.56 | 45.70 | Consolidated |
| Indiqube Spaces | -7.65 | -7.65 | -0.24 | -28.69 | 0.00 | 0.00 | Consolidated |
Quick Info
| Sector | Infrastructure Developers & Operators |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹550.14 Cr |
| GMP | 0.00 |
Important Dates
| IPO Open | Sep 10, 2025 |
| IPO Close | Sep 12, 2025 |
| Allotment Date | Sep 15, 2025 |
| Credit to Demat | Sep 16, 2025 |
| Listing Date | Tentative: Sep 17, 2025 |
Lead Manager(s)
Pantomath Capital Advisors Pvt.Ltd.
Registrar
Kfin Technologies Ltd. i
04067162222, 04079611000
Description
- Dev Accelerator IPO is a book build issue of ₹143.35 crores. The issue is entirely a fresh issue of 2.35 crore shares of ₹143.35 crore.
- Dev Accelerator IPO bidding started from Sep 10, 2025 and ended on Sep 12, 2025. The allotment for Dev Accelerator IPO was finalized on Sep 15, 2025. The shares got listed on BSE, NSE on Sep 17, 2025.
- Dev Accelerator IPO price band is set at ₹61.00 per share . The lot size for an application is 235. The minimum amount of investment required by an retail is ₹14,335 (235 shares) (based on upper price). The lot size investment for sNII is 14 lots (3,290 shares), amounting to ₹2,00,690, and for bNII, it is 70 lots (16,450 shares), amounting to ₹10,03,450.