Dev Accelerator IPO 2025: Introduction
The Dev Accelerator IPO is set to make a significant impact in India’s flexible workspace sector, riding on the digital transformation and surging demand for managed office solutions. With a total issue size of ₹143.35 crores and a fresh equity-only offer, Dev Accelerator (DevX) positions itself as a leading provider in the booming co-working and office space segment, targeting both Tier 1 and Tier 2 Indian cities.
Dev Accelerator IPO 2025: What is the Dev Accelerator IPO?
- Dev Accelerator (DevX) specializes in flexible workspace solutions—including coworking and fully managed offices—catering to corporations, startups, and SMEs across India.
- The IPO is a fresh issue only, with 2.35 crore equity shares offered at a price band of ₹56–₹61 per share. There is no offer for sale (OFS) included.
- Minimum application:
235 shares per lot, leading to a retail category base investment of ₹14,335. - Lead manager:
Pantomath Capital Advisors Pvt. Ltd.; Registrar: KFin Technologies Ltd.
Dev Accelerator IPO 2025: Key IPO Dates and Timelines
| Event | Date |
|---|---|
| Bidding Opens | 10 September 2025 |
| Bidding Closes | 12 September 2025 |
| Allotment | 15 September 2025 |
| Refunds | 16 September 2025 |
| Demat Credit | 16 September 2025 |
| Listing (BSE/NSE) | 17 September 2025 |
- Anchor allocation: conducted one day before opening.
Dev Accelerator IPO Issue Structure
- Total Size:
₹143.35 crores (fresh issue of 2.35 crore shares). - Offer allocation:
75% for QIB, 15% for NII, and 10% for retail investors. - Reserved quotas:
A shareholder quota and an employee quota are available. - Minimum Bid:
235 shares (1 lot = ₹14,335 at the upper price band); max for retail: 13 lots (3,055 shares = ₹186,355).
Dev Accelerator IPO 2025: Business Overview & Expansion Plan
- The company was established in 2017 under the name Dev Accelerator LLP and underwent a restructuring to become Dev Accelerator Limited in 2020.
- The company operates 28 centers in 11 cities, managing over 14,144 seats and serving 250+ clients, including corporates and multinationals.
- Major expansion plan: Funds will be used to set up interiors (fit-outs) for 8–12 new centers and for repayment of some debt.
Dev Accelerator IPO 2025: Financials: Data-Driven Company Analysis
Year-over-Year Growth
| Year | Revenue (₹ Cr) | Profit (₹ Cr) | EBITDA (₹ Cr) | Total Assets (₹ Cr) | PAT Margin | Total Borrowing (₹ Cr) |
|---|---|---|---|---|---|---|
| 2022 | 31.37 | 7.51 | — | 100.8 | — | — |
| 2023 | 71.37 | 12.83 | — | 282.42 | — | — |
| 2024 | 110.72 | 0.44 | 64.74 | 411.09 | — | 101.05 |
| 2025 | 178.89 | 1.77 | 80.46 | 540.38 | 1% | 130.67 |
- Revenue jumped 47% from FY24 to FY25—a strong indicator of growth in the office space sector.
- Profit after tax surged 306% (albeit on a low base); EBITDA rose 24% to ₹80.46 crore.
- Debt-to-equity remains high at 2.39, showing aggressive expansion but also increased financial risk.
Peer Comparison: Dev Accelerator vs. Competitors
| Company | EPS (₹) | P/E Ratio | RoNW (%) | ROCE (%) | Revenue (₹ Cr) |
|---|---|---|---|---|---|
| Dev Accelerator | 0.27 | 233.25 | 3.24 | 25.95 | 178.89 |
| Awfis Space Solutions | 9.75 | 60.95 | 14.78 | 51.09 | 1,207.54 |
| Smartworks | -6.18 | -74.04 | -58.56 | 58.82 | 1,374.06 |
| Indiqube Spaces | -7.65 | -28.69 | — | 81.12 | 1,059.29 |
- While Dev Accelerator outperforms peers with negative earnings, its P/E is much higher, and RoNW remains modest.
Dev Accelerator IPO 2025: Actionable Investor Tips:How to Make the Most of the Dev Accelerator IPO
- Subscribe at the cutoff price for higher allotment chances, especially if over-subscription is expected.
- Monitor GMP (Grey Market Premium):
The recent GMP is ₹9—indicating a possible positive listing but not guaranteed gains. - Apply early:
Don’t wait until the last few hours to avoid tech issues. - Use the ASBA or UPI method:
Both net banking and brokerage apps support Dev Accelerator IPO applications. - Diversify:
Flexible workspace IPOs are growth-oriented but volatile—balance with core holdings. - Track allotment status via the KFintech registrar portal after basis finalization.
Dev Accelerator IPO 2025: Featured Snippet Answers to Key IPO FAQs
What is the date and price band for the Dev Accelerator IPO?
- Opens: September 10, 2025; Closes: September 12, 2025. Price band: ₹56–₹61 per share; one lot is 235 shares.
How do I apply for the Dev Accelerator IPO online?
- Apply using the ASBA process through your net-banking account or UPI-enabled broker apps, selecting price and lots within the subscription window.
What are the main risks of the Dev Accelerator IPO?
- High competition from sector leaders (Awfis, Smartworks); high leverage; sector dependence on IT/ITES clients; profit margins are low, and top clients drive a significant portion of revenues.
What is the listing date of the Dev Accelerator IPO?
- Stocks are expected to be listed on both BSE and NSE on September 17, 2025.
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Shringar House of Mangalsutra IPO 2025: Complete Guide, Data-Led Review, and Investor Tips
Conclusion
The Dev Accelerator IPO exemplifies India’s rapid shift to flexible, tech-enabled managed office solutions—a sector forecasted for long-term expansion but with short-term volatility. While revenue and asset growth stand out, investors must weigh the low profitability and sector risks when allocating capital. For those seeking exposure in the new economy’s flexible workspace trend, Dev Accelerator may offer a compelling entry—provided portfolio risk is managed.
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