Dev Accelerator IPO

62.68x

subscribed

Dev Accelerator IPO

listed
₹13,160Min. investment
  1. Pre-apply
    8 Sep
  2. Bid start
    10 Sep
  3. Bid end
    12 Sep
  4. Allotment
    15 Sep
  5. Release of funds
    16 Sep
  6. Demat transfer
    16 Sep
  7. Listing
    17 Sep

About Dev Accelerator Limited

Price range₹56.00 – ₹61.00
IPO type
Regular
Lot size235 shares
Issue size₹143Cr
Red Herring Prospectus
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Dev Accelerator Limited IPO Overview

Dev Accelerator Limited IPO date

Dev Accelerator Limited IPO will open for subscription on September 10, 2025, and the closing date for the IPO is September 12, 2025. After this, investors are expected to be updated about the allotment status on September 15, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on September 16, 2025. The shares will be listed on the NSE and the BSE on Wednesday, September 17, 2025.

Dev Accelerator Limited IPO price band

The IPO includes a fresh issue of shares. The IPO price band has been set between ₹56 to ₹61 per share. Interested investors can choose a price within this band to apply for the IPO. The IPO is a book-building issue, comprising a fresh issue of ₹143.35 crore only.

Dev Accelerator Limited's IPO listing price will be determined on September 17, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Dev Accelerator Limited IPO lot size

The IPO details of Dev Accelerator Limited have been announced. The minimum lot size for an application is 235 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹ 143.35 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Objectives

Capital expenditure
51.01%
General corporate purposes
24.50%
Repayment of loans
24.42%

Strength and Weakness

Leadership in Tier 2 markets

The company is one of the largest managed space operators in Tier 2 markets, with nearly 0.6 million sq. ft. operational footprint, over 9,000 seats, and an average occupancy of 88%. Flexible workspace stock in Tier-2 cities has nearly tripled since 2021, supported by expanding talent pools and improved infrastructure. The company’s strong Tier 2 positioning enables it to capitalise on this growing demand.

Pan-India presence with high occupancy

Operations span 11 cities, including 4 of the top 7 Tier 1 markets, with 860,522 sq. ft. under management. Occupancy rates have been consistently high at 87.61% in FY25, 83.09% in FY24, and 80.85% in FY23.

Customer-centric model

The company offers customisable office spaces with zero capex, delivered within 90–120 days, and backed by ISO 9001:2015 and ISO 27001:2022 certifications. As of May 31, 2025, it served 250+ clients, including QX Global, Paperchase, Zomato, and Wipfli, with the top 10 and top 20 clients contributing 38.58% and 54.13% of revenues in FY25.

Strong financial growth and profitability

Revenue from operations grew at a CAGR of 50.75% from ₹69.91 crore in FY23 to ₹158.88 crore in FY25, while EBITDA margins remained strong at 50–60%. The company also turned profitable, reporting a net profit of ₹1.77 crore in FY25 versus a loss in FY23.

Diversified asset procurement strategy

The company employs multiple asset procurement models, including straight lease (75% of centres), furnished by landlords (21.43% of centres), revenue share, and the newer OpCo-PropCo model, providing flexibility in expansion and cost structure. Strategic investment in Janak Urja Private Limited (43.69% stake) with indirect exposure to Ausil Enterprise Private Limited (AEPL) strengthens access to real estate projects and long-term growth.

About Dev Accelerator Limited

Dev Accelerator Limited (DevX) is a flex space operator that provides comprehensive office space solutions, including sourcing office spaces, customising designs, developing spaces and providing technology solutions, along with complete asset management. The company’s primary focus is on serving large corporations by offering managed office solutions with average lease tenures ranging from 5 to 9 years and lock-in periods of 3.5 to 5 years.
The company is one of the largest flex space operators in terms of operational flex stock in Tier 2 markets across India. As of May 31, 2025, the company operates 28 centres across 11 cities with over 250 clients and 14,144 seats, covering a total area under management of 860,522 square feet.
The company offers managed office spaces for large businesses seeking 100 to 500 seats, coworking spaces for individuals and small teams, design and execution services through subsidiary Neddle and Thread Designs LLP, payroll management services, facility management services, and IT/ITES services through subsidiary Saasjoy Solutions Private Limited.
Managed space services constitute the largest revenue segment, contributing 58.77% of revenue from operations (₹93.38 crore) in FY25, followed by designing & execution services at 25.37% (₹40.30 crore). The company maintains consistently high occupancy rates across all centres, with occupancy rates of 87.61%, 83.09%, and 80.85% for FY25, FY24, and FY23, respectively. In the last three fiscal years, operational centres, operational seats, and operational super built-up areas grew at CAGRs of 23.67%, 16.34%, and 15.24%, respectively.
The company maintains quality standards with registrations under ISO 9001:2015 for providing co-working spaces and ongoing support to customers and ISO 27001:2022 for information security management systems encompassing all processes for providing co-working spaces and continuous support.
India's flexible office sector is experiencing significant growth, with flex space stock increasing from 18.6 million sq ft in 2018 to 74.0 million sq ft in 2024 at a CAGR of 26%, and operational flex stock estimated to double over the next 5 years to reach approximately 129 million sq ft by 2028. The penetration of the flex segment in India's total office stock has grown from 3.0% in 2020 to 7.3% currently, with expectations to reach 8-9% over the next 5 years.
The company aims to establish 8 new centres under the straight-lease model and furnished-by-landlords model, with a total estimated SBA of 940,961 sq. ft. over the next two financial years in cities in India and abroad. Out of these, 4 centres with a total estimated SBA of 664,692 sq. ft. are proposed to be set up from the net proceeds of the issue under the straight-lease model. The company is also expanding globally and has entered into an LoI for setting up a centre in Sydney, Australia, targeted to be operational in FY26. With GCC office stock in India expected to grow from ~245 mn sq. ft. to 300 mn sq. ft. over the next 3 years, the company (through its associate Scaleax Advisory Pvt. Ltd.) is well-positioned to benefit by providing workspace, facility management, and recruitment services to GCCs.
Now, Dev Accelerator Ltd is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹143.35 crore. The total issue size of the IPO is ₹143.35 crore. Its shares will be listed on the NSE and BSE.

IPO Subscription Status

Date
QIB
NII
Retail
Total
10-Sep-25
1.0 times (X)
2.44 times (X)
11.83 times (X)
3.26 times (X)
11-Sep-25
1.07X
15.14X
60.06X
16.0X
12-Sep-25
14.79X
86.33X
162.12X
62.68X

Latest News on IPO

news logo
Dev Accelerator Limited, a venture promoted by Dev Information Technology, has filed for an IPO of up to 2.47 crore equity shares to fuel expansion in coworking spaces, with an estimated issue size of Rs. 100 crore. The IPO aims to fund capital expenditure, repay borrowings, and for general corporate purposes.
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The collaboration between Dev IT's expertise in digital transformation and DevX's flexible workspace solutions creates a unique synergy, offering integrated solutions for enterprises looking to enhance operational efficiency.

2 min read

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Gujarat-based Dev Accelerator has refiled its IPO papers with SEBI to raise funds via a fresh issue of 2.75 crore equity shares. The company plans to use Rs 87.91 crore for fit-outs, Rs 40 crore for debt repayment, and the rest for corporate purposes. It operates 25 centers across 11 cities, serving 230 clients with 13,140 seats. Promoters hold 49.8% equity.
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Dev Accelerator IPO: The initial share sale, which aims to raise ₹143.35 crore, is a fresh issue of 2.35 crore shares. There is no offer for sale (OFS) component.

3 min read

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Urban Company, Dev Accelerator, and Shringar House of Mangalsutra IPOs will conclude on Friday, September 12. Their basis of allotments is likely to be finalised on September 15.

3 min read

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Dev Accelerator IPO is purely a fresh issue of 23,500,000 equity shares aggregating to ₹143 crore. The capital raised will be used for "fit-outs" in the new centres and their security deposits, corporate general purposes and debt repayment.

3 min read

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Dev Accelerator IPO: The issue is solely a fresh issuance of 2.35 crore shares aggregating to ₹143.35 crore. There is no offer for sale (OFS) component.

3 min read

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Dev Accelerator IPO allotment status: The initial public offering was just a fresh issuance of 2.35 crore shares, aggregating to ₹143.35 crore. The price range was set at ₹56 to ₹61 per share.

3 min read

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Dev Accelerator IPO ?

The issue size of the Dev Accelerator IPO is 143 Cr.

What is 'pre-apply' for Dev Accelerator IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Dev Accelerator IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.