{"id":14266,"date":"2025-09-08T13:51:45","date_gmt":"2025-09-08T08:21:45","guid":{"rendered":"https:\/\/www.torusdigital.com\/toruscope\/?p=14266"},"modified":"2026-01-06T19:17:00","modified_gmt":"2026-01-06T13:47:00","slug":"dev-accelerator-ipo-opens-key-details-investors-should-know","status":"publish","type":"post","link":"https:\/\/www.torusdigital.com\/toruscope\/news\/dev-accelerator-ipo-opens-key-details-investors-should-know\/","title":{"rendered":"Dev Accelerator IPO Opens: What Investors Need to Know"},"content":{"rendered":"

[vc_section el_id=”blog-inner-layout”][vc_row overlay_dotted=””][vc_column el_class=”blog_primary”][vc_row_inner][vc_column_inner][vc_column_text css=””]<\/p>\n

The Indian IPO market<\/a> 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\u2019s 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.<\/span><\/p>\n

Against this backdrop, <\/span>Dev Accelerator Ltd. IPO<\/span><\/a> is set to open on September 10, 2025. Here\u2019s a comprehensive guide to the company, its IPO, and the industry outlook.<\/span><\/p>\n

<\/span>About Dev Accelerator Ltd.<\/span><\/b>\u00a0<\/span><\/span><\/h2>\n

The company\u2019s business model caters to modern businesses\u2019 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.<\/span><\/p>\n

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.<\/span><\/p>\n

Dev Accelerator\u2019s subsidiary, Needle and Thread Designs LLP, offers design and execution services, further strengthening its position in the flexible workspace ecosystem.<\/span>\u00a0<\/span><\/p>\n

<\/span>Dev Accelerator Ltd. IPO Details<\/span><\/b><\/span><\/h2>\n

The Dev Accelerator IPO is a book-building issue of \u20b9143.35 crore, entirely consisting of a fresh issue of 2.35 crore shares.<\/span>\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
IPO Date<\/span>\u00a0<\/span><\/td>\nSeptember 10, 2025, to September 12, 2025<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Face Value<\/span>\u00a0<\/span><\/td>\n\u20b92\u202fper share<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Issue Price Band<\/span>\u00a0<\/span><\/td>\n\u20b956 to \u20b961 per share<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Lot Size<\/span>\u00a0<\/span><\/td>\n235 Shares<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Sale Type<\/span>\u00a0<\/span><\/td>\nFresh Capital<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Total Issue Size<\/span>\u00a0<\/span><\/td>\n2,35,00,000\u202fshares<\/span>
\n(aggregating up to \u20b9143.35\u202fCr)<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Issue Type<\/span>\u00a0<\/span><\/td>\nBookbuilding\u202fIPO<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Listing At<\/span>\u00a0<\/span><\/td>\nBSE, NSE<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Share Holding Pre Issue<\/span>\u00a0<\/span><\/td>\n6,66,87,515\u202fshares<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Share Holding Post Issue<\/span>\u00a0<\/span><\/td>\n9,01,87,515\u202fshares<\/span>\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

<\/span>Dev Accelerator IPO\u202fTimeline (Tentative Schedule)<\/span><\/b><\/span><\/h3>\n

Dev Accelerator IPO\u202fopens on\u202fSeptember 10, 2025, and closes on\u202fSeptember 12, 2025.<\/span>\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n\n\n
IPO Open Date<\/span>\u00a0<\/span><\/td>\nWed, Sep 10, 2025<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
IPO Close Date<\/span>\u00a0<\/span><\/td>\nFri, Sep 12, 2025<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Tentative Allotment<\/span>\u00a0<\/span><\/td>\nMon, Sep 15, 2025<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Initiation of Refunds<\/span>\u00a0<\/span><\/td>\nTue, Sep 16, 2025<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Credit of Shares to Demat<\/span>\u00a0<\/span><\/td>\nTue, Sep 16, 2025<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Tentative Listing Date<\/span>\u00a0<\/span><\/td>\nWed, Sep 17, 2025<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Cut-off time for UPI mandate confirmation<\/span>\u00a0<\/span><\/td>\n5 PM on\u202fSeptember 12, 2025<\/span>\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

<\/span>Dev Accelerator IPO Lot Size<\/span><\/b><\/span><\/h3>\n\n\n\n\n\n\n\n\n
Application<\/span><\/b>\u00a0<\/span><\/td>\nLots<\/span><\/b>\u00a0<\/span><\/td>\nShares<\/span><\/b>\u00a0<\/span><\/td>\nAmount (\u20b9)<\/span><\/b>\u00a0<\/span><\/td>\n<\/tr>\n
Retail (Min)<\/span>\u00a0<\/span><\/td>\n1<\/span>\u00a0<\/span><\/td>\n235<\/span>\u00a0<\/span><\/td>\n14,335<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Retail (Max)<\/span>\u00a0<\/span><\/td>\n13<\/span>\u00a0<\/span><\/td>\n3,055<\/span>\u00a0<\/span><\/td>\n1,86,355<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
S-HNI (Min)<\/span>\u00a0<\/span><\/td>\n14<\/span>\u00a0<\/span><\/td>\n3,290<\/span>\u00a0<\/span><\/td>\n2,00,690<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
S-HNI (Max)<\/span>\u00a0<\/span><\/td>\n69<\/span>\u00a0<\/span><\/td>\n16,215<\/span>\u00a0<\/span><\/td>\n9,89,115<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
B-HNI (Min)<\/span>\u00a0<\/span><\/td>\n70<\/span>\u00a0<\/span><\/td>\n16,450<\/span>\u00a0<\/span><\/td>\n10,03,450<\/span>\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

<\/span>Dev Accelerator Ltd.: Promoter Holding<\/span><\/b><\/span><\/h3>\n

The company\u2019s promoters include Parth Shah, Umesh Uttamchandani, Rushit Shah, and Dev Information Technology Limited.<\/span>\u00a0<\/span><\/p>\n\n\n\n\n\n
Promoter Holding<\/span><\/b>\u00a0<\/span><\/td>\nPercentage<\/span><\/b>\u00a0<\/span><\/td>\n<\/tr>\n
Pre-Issue<\/span>\u00a0<\/span><\/td>\n49.80%<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Post-Issue<\/span>\u00a0<\/span><\/td>\n36.80%<\/span>\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

<\/span>Dev Accelerator Ltd.: Financials<\/span><\/b><\/span><\/h3>\n

Dev Accelerator has shown significant growth, particularly between FY 2024 and FY 2025, with revenue increasing by 62% and PAT surging 303%.<\/span>\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n\n\n
Period Ended<\/span><\/b>\u00a0<\/span><\/td>\n31 Mar 2025<\/span><\/b>\u00a0<\/span><\/td>\n31 Mar 2024<\/span><\/b>\u00a0<\/span><\/td>\n31 Mar 2023<\/span><\/b>\u00a0<\/span><\/td>\n<\/tr>\n
Assets (\u20b9 Cr)<\/span>\u00a0<\/span><\/td>\n540.38<\/span>\u00a0<\/span><\/td>\n411.09<\/span>\u00a0<\/span><\/td>\n282.42<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Total Income (\u20b9 Cr)<\/span>\u00a0<\/span><\/td>\n178.89<\/span>\u00a0<\/span><\/td>\n110.73<\/span>\u00a0<\/span><\/td>\n71.37<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Profit After Tax (\u20b9 Cr)<\/span>\u00a0<\/span><\/td>\n1.74<\/span>\u00a0<\/span><\/td>\n0.43<\/span>\u00a0<\/span><\/td>\n-12.83<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
EBITDA (\u20b9 Cr)<\/span>\u00a0<\/span><\/td>\n80.46<\/span>\u00a0<\/span><\/td>\n64.74<\/span>\u00a0<\/span><\/td>\n29.88<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Net Worth (\u20b9 Cr)<\/span>\u00a0<\/span><\/td>\n54.79<\/span>\u00a0<\/span><\/td>\n28.79<\/span>\u00a0<\/span><\/td>\n1.22<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Total Borrowing (\u20b9 Cr)<\/span>\u00a0<\/span><\/td>\n130.67<\/span>\u00a0<\/span><\/td>\n101.05<\/span>\u00a0<\/span><\/td>\n33.20<\/span>\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

<\/span>Key Performance Indicators (as of 31 Mar 2025):<\/span><\/b><\/span><\/h3>\n

The market capitalisation of the Dev Accelerator IPO is \u20b9550.14 Cr.<\/span>\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n\n\n
KPI<\/span><\/b>\u00a0<\/span><\/td>\nValues<\/span><\/b>\u00a0<\/span><\/td>\n<\/tr>\n
ROCE<\/span>\u00a0<\/span><\/td>\n25.95%<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Debt\/Equity<\/span>\u00a0<\/span><\/td>\n2.39<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
RoNW<\/span>\u00a0<\/span><\/td>\n3.24%<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
PAT Margin<\/span>\u00a0<\/span><\/td>\n1.00%<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
EBITDA Margin<\/span>\u00a0<\/span><\/td>\n50.64%<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
Price to Book Value<\/span>\u00a0<\/span><\/td>\n7.94<\/span>\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
\u00a0<\/span><\/td>\nPre IPO<\/span><\/b>\u00a0<\/span><\/td>\nPost IPO<\/span><\/b>\u00a0<\/span><\/td>\n<\/tr>\n
EPS (Rs)<\/span>\u00a0<\/span><\/td>\n0.26<\/span>\u00a0<\/span><\/td>\n0.19<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
P\/E (x)<\/span>\u00a0<\/span><\/td>\n233.25<\/span>\u00a0<\/span><\/td>\n315.45<\/span>\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

<\/span>Dev Accelerator IPO Objectives<\/span><\/b><\/span><\/h2>\n

The IPO proceeds are proposed to be utilised for:<\/span>\u00a0<\/span><\/p>\n\n\n\n\n\n\n
S.No<\/span><\/b>\u00a0<\/span><\/td>\nObject of the Issue<\/span><\/b>\u00a0<\/span><\/td>\nExpected Amount (\u20b9 Cr)<\/span><\/b>\u00a0<\/span><\/td>\n<\/tr>\n
1<\/span>\u00a0<\/span><\/td>\nCapital expenditure for fit-outs and security deposits in new centres<\/span>\u00a0<\/span><\/td>\n73.12<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
2<\/span>\u00a0<\/span><\/td>\nRepayment\/pre-payment of borrowings, including redemption of NCDs<\/span>\u00a0<\/span><\/td>\n35.00<\/span>\u00a0<\/span><\/td>\n<\/tr>\n
3<\/span>\u00a0<\/span><\/td>\nGeneral corporate purposes<\/span>\u00a0<\/span><\/td>\n–<\/span>\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n


\n\"\"
\n<\/a><\/p>\n

Established in 2017, Dev Accelerator Limited<\/a>, 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.<\/span><\/p>\n