Dev Accelerator IPO is a book build issue of ₹143.35 crores. The issue is entirely a fresh issue of 2.35 crore shares of ₹143.35 crore.
Dev Accelerator IPO opens for subscription on Sep 10, 2025 and closes on Sep 12, 2025. The allotment for the Dev Accelerator IPO is expected to be finalized on Sep 15, 2025. Dev Accelerator IPO will list on BSE, NSE with a tentative listing date fixed as Sep 17, 2025.
Dev Accelerator IPO price band is set at ₹56.00 to ₹61.00 per share . The lot size for an application is 235. The minimum amount of investment required by an retail is ₹14,335 (235 shares) (based on upper price). The lot size investment for sNII is 14 lots (3,290 shares), amounting to ₹2,00,690, and for bNII, it is 70 lots (16,450 shares), amounting to ₹10,03,450.
Pantomath Capital Advisors Pvt.Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to Dev Accelerator IPO RHP for detailed Information.
| IPO Date | September 10, 2025 to September 12, 2025 |
| Listing Date | [.] |
| 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 |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 75% of the Issue |
| Retail Shares Offered | Not more than 10% of the Issue |
| NII Shares Offered | Not more than 15% of the Issue |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only shareholder | Up to Rs 2 Lakhs | Allowed only if bidding amount is upto Rs 2 lakhs |
| Only employee | Up to Up to Rs 5 Lakhs | Yes |
| Employee + Shareholder |
|
Yes |
| Employee + Shareholder + RII/NII |
|
Yes for shareholder/employee/RII |
| Shareholder + RII/NII |
|
Yes for shareholder/RII |
| Employee + RII/NII |
|
Yes for shareholder/RII |
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 Fri, Sep 12, 2025 |
Investors can bid for a minimum of 235 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| 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 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
Established in 2017, Dev Accelerator Limited, commonly known as DevX, provides flexible office spaces, including coworking environments. The company has expanded its presence to 15 centers across India, encompassing major cities such as Delhi-NCR, Hyderabad, Mumbai, and Pune.
The company's business model focuses on providing flexible workspace solutions tailored to the evolving needs of modern businesses. This includes offering customizable desks and suites, accommodating remote work trends, and providing flexible lease options.
As of May 31, 2025, the company serves over 250 clients and has 28 centres across 11 cities in India, with 14,144 seats covering a total area under management of 860,522 square feet.
The company have signed Letters of Intent (LOIs) for three new centers, including the company's first international centre in Sydney, Australia. Additionally, we have leased space for a new center in Surat. These upcoming centers will offer 11,500 seats across a total area of 897,341 sq. ft.
Dev Accelerator Limited provide flexible office space solutions, including managed offices and coworking spaces, to large corporates, MNCs, and SMEs. The company's subsidiary, Neddle and Thread Designs LLP, also offers design and execution services.
Dev Accelerator Ltd.'s revenue increased by 62% and profit after tax (PAT) rose by 303% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 540.38 | 411.09 | 282.42 |
| Total Income | 178.89 | 110.73 | 71.37 |
| Profit After Tax | 1.74 | 0.43 | -12.83 |
| EBITDA | 80.46 | 64.74 | 29.88 |
| Net Worth | 54.79 | 28.79 | 1.22 |
| Total Borrowing | 130.67 | 101.05 | 33.20 |
| Amount in ₹ Crore | |||
The market capitalization of Dev Accelerator IPO is ₹550.14 Cr.
KPI as of Mon, Mar 31, 2025.
| 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 |
The Company Dev Accelerator IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Capital expenditure for fit-outs in the new Centres and for security deposits of the new Centres. | 73.12 |
| 2 | Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of NCDs | 35.00 |
| 3 | General corporate purposes |
[Dilip Davda] DAL is one of the largest flex space operators in major metros and Tier-1, Tier-II cities. It has marked growth in its top and bottom lines for the reported periods with turnaround from FY24 onwards. It is operating in a highly competitive and fragmented segment. Based on its recent financial data, the issue appears aggressively priced. Only well-informed/cash surplus investors may park moderate funds for long term. Others may skip Read detail review...
Dev Accelerator Ltd.
C-01, The First Commercial Complex,
behind Keshavbaug Party Plot,
Vastrapur,
Ahmedabad, Gujarat, 380015
Phone: 7041482004
Email: compliance@devx.work
Website: http://www.devx.work/
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: dal.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Dev Accelerator IPO is a main-board IPO of 2,35,00,000 equity shares of the face value of ₹2 aggregating up to ₹143.35 Crores. The issue is priced at . The minimum order quantity is 235.
The IPO opens on September 10, 2025, and closes on September 12, 2025.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Dev Accelerator IPO using UPI as a payment gateway. Zerodha customers can apply in Dev Accelerator IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Dev Accelerator IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Dev Accelerator IPO opens on September 10, 2025 and closes on September 12, 2025.
Dev Accelerator IPO lot size is 235, and the minimum amount required for application is ₹14,335.
You can apply in Dev Accelerator IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Dev Accelerator IPO will be done on Monday, September 15, 2025, and the allotted shares will be credited to your demat account by Tuesday, September 16, 2025. Check the Dev Accelerator IPO allotment status.
The Dev Accelerator IPO listing date is not yet announced. The tentative date of Dev Accelerator IPO listing is Wednesday, September 17, 2025.
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