Bookbuilding IPO | ₹143 Cr | Listed at BSE, NSE | Wed, Sep 10, 2025 - Fri, Sep 12, 2025
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 bidding started from Sep 10, 2025 and ended on Sep 12, 2025. The allotment for Dev Accelerator IPO was finalized on Sep 15, 2025. The shares got listed on BSE, NSE on Sep 17, 2025.
Dev Accelerator IPO price band is set at ₹61 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 Open
Wed, Sep 10, 2025
IPO Close
Fri, Sep 12, 2025
Issue Price
₹61 per share
Market Cap (Pre-IPO)
₹550.14 Cr
| IPO Date | 10 to 12 Sep, 2025 |
| Listed on | Wed, Sep 17, 2025 |
| Face Value | ₹2 per share |
| Price Band | ₹56 to ₹61 |
| Issue Price | ₹61 per share |
| Lot Size | 235 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 2,35,00,000 shares (agg. up to ₹143 Cr) |
| Fresh Issue | 2,35,00,000 shares (agg. up to ₹143 Cr) |
| Share Holding Pre Issue | 6,66,87,515 shares |
| Share Holding Post Issue | 9,01,87,515 shares |
| BSE Script Code / NSE Symbol | 544513 / DEVX |
| ISIN | INE0VOV01021 |
Dev Accelerator IPO offers total 2,35,00,000 shares. Out of which 1,72,54,875 (73.43%) allocated to QIB, 69,01,950 (29.37%) allocated to QIB (Ex- Anchor), 34,50,975 (14.69%) allocated to NII 23,00,650 (9.79%) allocated to RII and 1,03,52,925 (44.06%) allocated to Anchor investors.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 1,72,54,875 (73.43%) | NA |
| − Anchor Investor Shares Offered | 1,03,52,925 (44.06%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 69,01,950 (29.37%) | NA |
| NII (HNI) Shares Offered | 34,50,975 (14.69%) | NA |
| − bNII > ₹10L | 23,00,650 (9.79%) | 699 |
| − sNII < ₹10L | 11,50,325 (4.90%) | 349 |
| Retail Shares Offered | 23,00,650 (9.79%) | 9,790 |
| Employee Shares Offered | 1,64,500 (0.70%) | NA |
| Shareholders Shares Offered | 3,29,000 (1.40%) | NA |
| Total Shares Offered | 2,35,00,000 (100.00%) |
Investors can bid for a minimum of 235 shares and in multiples thereof.
| 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 IPO raises ₹63.15 crore from anchor investors. Dev Accelerator IPO Anchor bid date is September 9, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Tue, Sep 9, 2025 |
| Shares Offered | 1,03,52,925 |
| Anchor Portion (₹ Cr.) | 63.15 |
| Anchor lock-in period end date for 50% shares (30 Days) | Wed, Oct 15, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sat, Dec 13, 2025 |
| 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 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 |
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 Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 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 | 19.26 |
| KPI | Mar 31, 2025 |
|---|---|
| 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 (₹) | 0.26 | 0.19 |
| P/E (x) | 233.25 | 315.45 |
| Promoter Holding | 49.8% | 36.8% |
| Market Cap | ₹550.14 Cr. |
The Dev Accelerator IPO is subscribed 64.00 times on September 12, 2025 5:04:52 PM (Day 3). The public issue subscribed 164.89 times in the retail category, 20.30 times in the QIB category, and 87.97 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB (Ex Anchor) | 20.30 | 69,01,950 | 14,01,34,965 |
| NII | 87.97 | 34,50,975 | 30,35,69,005 |
| bNII (bids above ₹10L) | 78.94 | 23,00,650 | 18,16,20,690 |
| sNII (bids below ₹10L) | 106.01 | 11,50,325 | 12,19,48,315 |
| Retail | 164.89 | 23,00,650 | 37,93,52,040 |
| Employee | 17.60 | 1,64,500 | 28,94,495 |
| Shareholders | 46.97 | 3,29,000 | 1,54,51,485 |
| Total | 64.00 | 1,31,47,075 | 84,14,01,990 |
Total Application : 14,87,302
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fixed fees payable to Book Running Lead Manager | 2.00 |
| 2 | Underwriting/Selling Commission to BRLM | 7.17 |
| 3 | Commission/processing fee for SCSBs, Sponsor Banks and fees payable to Sponsor Banks for bids made by RIBs, Bankers to the Issue, Brokerage and Syndicate Fees, bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | 0.62 |
| 4 | Fees payable to the Registrar to the Issue | 0.14 |
| 5 | Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | 2.15 |
| 6 | Printing and distribution of stationery | 0.23 |
| 7 | Advertising and marketing expenses | 1.12 |
| 8 | Fees payable to legal counsel | 1.35 |
| 9 | Fees payable to other advisors to the Issue, including but not limited to Statutory Auditors, industry service provider and independent architect | 1.04 |
| 10 | Miscellaneous expenses | 0.15 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹61.00 | ₹61.00 |
| Open | ₹61.30 | ₹61.00 |
| Low | ₹59.00 | ₹59.00 |
| High | ₹64.36 | ₹64.05 |
| Last Trade | ₹64.36 | ₹64.05 |
Lead Manager Reports
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 Crores. The issue is priced at ₹61 per share. The minimum order quantity is 235.
The IPO opens on Wed, Sep 10, 2025, and closes on Fri, Sep 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 Wed, Sep 10, 2025 and closes on Fri, Sep 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 Tue, Sep 16, 2025. Check the Dev Accelerator IPO allotment status.
The Dev Accelerator IPO listing date is on Wed, Sep 17, 2025.
