Dev Accelerator Ltd. is launching its IPO to raise funds for capital expenditure, debt repayment, and general corporate purposes. The IPO opens on September 10, 2025 and closes on September 12, 2025. Shares are planned to be listed on BSE and NSE.
Key IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | September 10, 2025 |
| IPO Close Date | September 12, 2025 |
| Listing Date | September 17, 2025 |
| Face Value | ₹2 per equity share |
| Price Band | ₹56 to ₹61 per share |
| Issue Size | Approx. ₹143.35 Crores |
| Fresh Issue | Approx. ₹143.35 Crores |
| Offer for Sale | To be updated |
| Issue Type | Book Built Issue |
| IPO Listing | BSE & NSE |
| Retail Quota | Up to 10% |
| QIB Quota | Up to 75% |
| NII (HNI) Quota | Up to 15% |
Market Lot Information
| Category | Lot Size | Shares | Amount (₹) |
|---|---|---|---|
| Retail Minimum | 1 | 235 | 14,335 |
| Retail Maximum | 13 | 3,055 | 1,86,355 |
| S-HNI Minimum | 14 | 3,290 | 2,00,690 |
| B-HNI Minimum | 68 | 16,450 | 10,03,450 |
Important IPO Dates
| Event | Date |
|---|---|
| IPO Opening | September 10, 2025 |
| IPO Closing | September 12, 2025 |
| Basis of Allotment | September 15, 2025 |
| Refund Initiation | September 16, 2025 |
| Demat Credit | September 16, 2025 |
| Listing Date | September 17, 2025 |
Promoters
- Umesh Uttamchandani
- Parth Shah
- Rushit Shah
- Dev Information Technology Limited
About the Company
DEV Accelerator, established in 2017, is a major flexible workspace provider in Tier 2 cities in India. Operating under the brand DevX, it offers managed, customizable office solutions in Tier 1 and Tier 2 cities, with 25 centers across 11 cities and over 12,691 seats as of August 2024. The company manages 806,635 sq ft and serves 230+ clients including QX Global, Nemetschek India, Darwinbox, and Wipfli.
Financial Performance
| Period Ended | Revenue (₹ Cr) | Expense (₹ Cr) | PAT (₹ Cr) | Assets (₹ Cr) |
|---|---|---|---|---|
| 2022 | 31.37 | 39.51 | 7.51 | 100.80 |
| 2023 | 71.37 | 87.50 | 12.83 | 282.42 |
| 2024 | 110.72 | 119.50 | 0.44 | 411.09 |
| 2025 | 178.89 | 175.15 | 1.77 | 540.38 |
Key Financial Ratios (FY2025)
| KPI | Value |
|---|---|
| ROE | – |
| ROCE | 25.95% |
| EBITDA Margin | 50.64% |
| PAT Margin | 1.00% |
| Debt to Equity Ratio | 2.39 |
| EPS (Basic) | ₹0.27 |
| P/E Ratio | N/A |
| RoNW | 3.24% |
| Net Asset Value (NAV) | ₹7.68 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW (%) | NAV | Income |
|---|---|---|---|---|---|
| Awfis Space Solutions | 9.75 | 60.95 | 14.78 | 64.71 | 1,207.54 Cr. |
| Smartworks Coworking | (6.18) | (74.04) | (58.56) | 10.45 | 1,374.06 Cr. |
| Indiqube Spaces | (7.65) | (28.69) | NA | (0.24) | 1,059.29 Cr. |
Purpose of the IPO
- Capital expenditure for fit-outs in the new Centres and security deposits
- Repayment and/or pre-payment of borrowings including redemption of NCDs
- General corporate purposes
Registrar & Contact Details
Registrar:
KFin Technologies Limited
Phone: 04067162222, 04079611000
Email: dal.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Lead Managers:
Pantomath Capital Advisors Private Limited
Company Address:
Dev Accelerator Limited
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/
Reviews
The company has shown good financial growth and is moving to profitability, but lower margins and high competition remain risks. Investors should consider applying with caution. Dev Accelerator operates in a rapidly growing sector and plans to expand with new centers using IPO funds, but faces competition from established players.
