Dev Accelerator Ltd (DevX) is launching its SME IPO from September 10–12, 2025. Learn about its price band (₹56-₹61), lot size, issue size (~₹143 cr), fund usage, business model, strengths, and whether it’s worth applying for.
Introduction
Dev Accelerator Ltd, operating under the brand DevX, offers flexible co-working and managed office spaces across India. With its IPO going live September 10–12, 2025, this blog explores critical details—pricing, timelines, financial health, business potential, and investor suitability.
IPO Snapshot
According to multiple sources:
- Price Band: ₹56–₹61 per share
- Offer Size: Fresh issue of
2.35 crore shares (₹143.35 crore) - IPO Dates: Opens September 10, closes September 12, 2025
- Lot Size: 235 shares, multiples thereof
- Reservation: QIB – 75%, NII – 15%, Retail – 10%
- Listing Details: Allotment on Sept 15, refunds/securities credited on Sept 16, and listing on BSE/NSE on Sept 17
- GMP Status: No Grey Market Premium yet, indicating moderate investor curiosity for now
Company Overview
Dev Accelerator (DevX) is a flexible workspace provider operating 28 centers across 11 Indian cities with over 14,100 seats covering 860,522 sq ft . The company uses multiple lease models—including Straight Lease, Revenue Share, and OpCo-PropCo—to provide tailored workspace solutions to corporates, startups, and SMEs
Financial Performance
DevX showcased robust growth in FY2025:
- Revenue: ₹178.89 crore (up from ₹110.73 crore)
- PAT: ₹1.74 crore vs ₹0.43 crore—a strong year-on-year surge
- Post-IPO Valuation: Market cap pegged at approx ₹550 crore at the upper price band
Use of IPO Proceeds
Funds will be allocated toward:
- Fit-outs and security deposits for new centers (~₹73.1 crore)
- Reducing debt, including redemption of NCDs (~₹35 crore)
- Remaining funds for general corporate needs
Investment Highlights
- Niche Positioning: Strong presence in Tier-2 markets positions DevX favorably for growth
- Fragmented Market: Less competition from larger coworking players—opportunity for expansion
- Operational Experience: Established footprint across diverse cities
- Growth Momentum: Strong top-line and bottom-line performance in FY2025
Risks & Considerations
- Capital Intensity: Maintaining centers and expansion require significant capex and fund management
- Sector Sensitivity: Workspace demand hinges on macroeconomic and corporate hiring trends
- High Valuation Multiples: Fresh profitability may raise expectations for growth
- Execution Risk: Poor center performance or tenant churn could hurt returns
Conclusion
Dev Accelerator Ltd’s IPO is an intriguing opportunity in India’s flex workspace sector. The company delivers strong growth and sensible fund utilization, though investors should weigh valuation and execution risk carefully. For those bullish on post-pandemic workspace demand, DevX is a potential compelling pick.
FAQs
- When does the IPO open and close?
Opens on September 10, 2025, closes on September 12, 2025 - What is the price band & lot size?
₹56–₹61 per share; minimum 235 shares per lot (~₹14,335 at upper band) - What is the issue size and structure?
100% fresh issue; raising approx ₹143.35 crore via 2.35 crore shares - When will it list?
Allotment on Sept 15, credit of shares Sept 16, and listing on BSE/NSE on Sept 17, 2025 - How will the proceeds be used?
For new workspace fit-outs (₹73.1 cr), debt repayment (₹35 cr), and corporate needs - What are the FY2025 financial highlights?
Revenue ₹178.9 cr and PAT ₹1.74 cr—marked increase YoY - How is the investor quota divided?
QIB – 75%, NII – 15%, Retail – 10%
Disclaimer
This content is for educational purposes only and does not constitute financial advice. Please consult a SEBI-registered financial advisor before investing.
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