The Indian IPO market has witnessed remarkable resilience in 2025, with numerous companies leveraging market optimism to raise capital. Among these, Dev Accelerator Limited, a prominent player in flexible workspaces, is set to make its market debut. The company’s IPO comes at a time when flexible office solutions are increasingly in demand, spurred by hybrid work trends and corporate expansion across major cities in India.
Against this backdrop, Dev Accelerator Ltd. IPO is set to open on September 10, 2025. Here’s a comprehensive guide to the company, its IPO, and the industry outlook.
About Dev Accelerator Ltd.
Established in 2017, Dev Accelerator Limited, commonly known as DevX, provides flexible office spaces, including coworking environments and managed offices. Its footprint spans 15 centres across India in key metropolitan areas, including Delhi-NCR, Hyderabad, Mumbai, and Pune.
The company’s business model caters to modern businesses’ evolving needs, offering customizable desks and suites, flexible lease options, and spaces designed to accommodate hybrid work models. As of May 31, 2025, Dev Accelerator serves over 250 clients across 28 centres in 11 cities, providing 14,144 seats across 860,522 sq. ft. of managed space.
Notably, the company has signed Letters of Intent (LOIs) for three new centres, including its first international presence in Sydney, Australia, and a new centre in Surat, adding 11,500 seats across 897,341 sq. Ft.
Dev Accelerator’s subsidiary, Needle and Thread Designs LLP, offers design and execution services, further strengthening its position in the flexible workspace ecosystem.
Dev Accelerator Ltd. IPO Details
The Dev Accelerator IPO is a book-building issue of ₹143.35 crore, entirely consisting of a fresh issue of 2.35 crore shares.
| IPO Date | September 10, 2025, to September 12, 2025 |
| Face Value | ₹2 per share |
| Issue Price Band | ₹56 to ₹61 per share |
| Lot Size | 235 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 2,35,00,000 shares (aggregating up to ₹143.35 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 6,66,87,515 shares |
| Share Holding Post Issue | 9,01,87,515 shares |
Dev Accelerator IPO Timeline (Tentative Schedule)
Dev Accelerator IPO opens on September 10, 2025, and closes on September 12, 2025.
| IPO Open Date | Wed, Sep 10, 2025 |
| IPO Close Date | Fri, Sep 12, 2025 |
| Tentative Allotment | Mon, Sep 15, 2025 |
| Initiation of Refunds | Tue, Sep 16, 2025 |
| Credit of Shares to Demat | Tue, Sep 16, 2025 |
| Tentative Listing Date | Wed, Sep 17, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 12, 2025 |
Dev Accelerator IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
| Retail (Min) | 1 | 235 | 14,335 |
| Retail (Max) | 13 | 3,055 | 1,86,355 |
| S-HNI (Min) | 14 | 3,290 | 2,00,690 |
| S-HNI (Max) | 69 | 16,215 | 9,89,115 |
| B-HNI (Min) | 70 | 16,450 | 10,03,450 |
Dev Accelerator Ltd.: Promoter Holding
The company’s promoters include Parth Shah, Umesh Uttamchandani, Rushit Shah, and Dev Information Technology Limited.
| Promoter Holding | Percentage |
| Pre-Issue | 49.80% |
| Post-Issue | 36.80% |
Dev Accelerator Ltd.: Financials
Dev Accelerator has shown significant growth, particularly between FY 2024 and FY 2025, with revenue increasing by 62% and PAT surging 303%.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ Cr) | 540.38 | 411.09 | 282.42 |
| Total Income (₹ Cr) | 178.89 | 110.73 | 71.37 |
| Profit After Tax (₹ Cr) | 1.74 | 0.43 | -12.83 |
| EBITDA (₹ Cr) | 80.46 | 64.74 | 29.88 |
| Net Worth (₹ Cr) | 54.79 | 28.79 | 1.22 |
| Total Borrowing (₹ Cr) | 130.67 | 101.05 | 33.20 |
Key Performance Indicators (as of 31 Mar 2025):
The market capitalisation of the Dev Accelerator IPO is ₹550.14 Cr.
| KPI | Values |
| ROCE | 25.95% |
| Debt/Equity | 2.39 |
| RoNW | 3.24% |
| PAT 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 |
Dev Accelerator IPO Objectives
The IPO proceeds are proposed to be utilised for:
| S.No | Object of the Issue | Expected Amount (₹ Cr) |
| 1 | Capital expenditure for fit-outs and security deposits in new centres | 73.12 |
| 2 | Repayment/pre-payment of borrowings, including redemption of NCDs | 35.00 |
| 3 | General corporate purposes | – |
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Dev Accelerator Ltd.: Industry Outlook
Flexible office spaces and coworking environments are witnessing rapid growth in India, driven by:
- Rising demand for hybrid work solutions among corporates and SMEs.
- Expansion of businesses into Tier-1 and Tier-2 cities.
- Increasing interest from investors in commercial real estate assets with stable cash flows.
- Growth of the gig economy and startups requiring plug-and-play office infrastructure.
Dev Accelerator’s strategic expansion, including its upcoming international centre in Sydney, positions the company to leverage both domestic and global growth opportunities.
Conclusion
Dev Accelerator Ltd. IPO presents an opportunity for investors to participate in India’s growing flexible workspace sector. The company has demonstrated strong revenue growth, an expanding presence, and robust operational metrics. However, potential investors should weigh risks such as a competitive market landscape, reliance on corporate clients, and high leverage. The IPO may appeal to long-term investors looking for exposure to the coworking and managed office space market.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
