62.68xsubscribed

Dev Accelerator IPO

Q: How to invest in the Dev Accelerator IPO ?

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

Q: What is the issue size of Dev Accelerator IPO ?

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

Q: 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.

Q: 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.

Q: What are the open and close dates of the Dev Accelerator IPO ?

Dev Accelerator IPO will be open between 2025-09-10 and 2025-09-12.

Q: What is the allotment date for the Dev Accelerator IPO ?

Dev Accelerator IPO allotment date is 2025-09-16. For Dev Accelerator IPO allotment status check, you can visit the website of the registrar of the IPO.

Q: Who is the registrar of Dev Accelerator IPO ?

For Dev Accelerator IPO, the IPO registrar is KFIN Technologies Limited. You can check Dev Accelerator IPO allotment status on the website of the registrar.

Q: Where is the Dev Accelerator IPO getting listed?

The shares are proposed to be listed on the BSE and NSE.

Q: When will Dev Accelerator IPO shares be credited to your demat account?

The Dev Accelerator IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.

Q: What is the lot size and minimum order quantity of the Dev Accelerator IPO ?

The Dev Accelerator IPO lot size is 235 and minimum order quantity is 235.

62.68xsubscribed

listed

₹13,160Min. investment

Dev Accelerator Limited IPO Details

Issue size

₹143Cr

IPO type

Mainboard

Price range

₹56.00 – ₹61.00

Listing exchange

BSE, NSE

Listing date

17 Sep 2025

Lot size

235 shares

Red Herring Prospectus

Read

Price range₹56.00 – ₹61.00

IPO type

Regular

Lot size235 shares

Issue size₹143Cr

Red Herring Prospectus

Read

Dev Accelerator 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

As on 10-Sep-25, 5:30 PM

Dev Accelerator IPO Timeline

Pre-apply
8 Sep
Bid start
10 Sep
Bid end
12 Sep
Allotment
15 Sep
Release of funds
16 Sep
Demat transfer
16 Sep
Listing
17 Sep

Pre-apply
8 Sep 2025
Bid start
10 Sep 2025
Bid end
12 Sep 2025
Allotment
15 Sep 2025
Release of funds
16 Sep 2025
Demat transfer
16 Sep 2025
Listing
17 Sep 2025

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.

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

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.

Objectives of Dev Accelerator Limited IPO

Capital expenditure

51.01%

The company will utilise ₹73.12 crore towards fit-outs in proposed centres.

General corporate purposes

24.50%

Part of the IPO proceeds will be used for general corporate purposes.

Repayment of loans

24.42%

The company will utilise ₹35 crore towards repayment of borrowings.

Dev Accelerator IPO Contact Details

Company Name	Dev Accelerator Limited

Company NameDev Accelerator Limited

How to apply for Dev Accelerator IPO?

Step 1
Log in to your Upstox account to access IPO investments. Next, select the current IPO section.
Step 2
Specify IPO details. Enter the number of lots and the price you wish to apply for.
Step 3
Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
Step 4
Mandate Notification. Your UPI app will receive a mandate notification to block funds.
Step 5
Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.