Dev Accelerator IPO Review: Financials, Peers, and Timelines

Dev Accelerator IPO will open for subscription on September 10 and close on September 12, 2025. Dev Accelerator Limited, widely known as DevX, is engaged in providing flexible office spaces, including coworking and managed office solutions across India.

This blog will provide you with all the necessary information about the Dev Accelerator IPO, including timelines, proceeds usage, financial performance, competitor analysis, and risk factors.

Dev Accelerator IPO Date

The key pointers for the Dev Accelerator IPO dates are:

• Bidding Opening Date: September 10, 2025
• Bidding Closing Date: September 12, 2025
• Allotment Date: September 15, 2025
• Initiation of Refunds (in case of less or no allotment): September 16, 2025
• Shares Credited to Your Demat Account: September 16, 2025
• IPO Listing Date: September 17, 2025
• Listing on Exchange: BSE and NSE

Dev Accelerator IPO Issue Size

Dev Accelerator IPO valuation, as denoted by the market capitalisation, stood at ₹550.14 crores. Here are the important details:

• Dev Accelerator IPO Price Band: ₹56 to ₹61 per share
• Lot Size: 235 Shares
• Total Issue Size and Amount: 2.35 crore shares (aggregating up to ₹143.35 crores)
• Fresh Issue Size and Amount: 2.35 crore shares (aggregating up to ₹143.35 crores)

Dev Accelerator IPO Proceeds Usage

The net proceeds from the Dev Accelerator IPO are proposed to be utilised for the following purposes:

• The company plans to use a part of the funds for setting up interiors (fit-outs) in its proposed centres.
• A portion of the proceeds will be used to repay or prepay some of the company’s existing borrowings, including the redemption of Non-Convertible Debentures (NCDs).
• The remaining funds will be used for general corporate purposes.

Dev Accelerator IPO Reservations

Dev Accelerator IPO reservations to different investors are:

• For QIBs: Not less than 75% of the Net Issue
• For NIIs: Not more than 15% of the Net Issue
• For Retail Investors: Not more than 10% of the Net Issue

Dev Accelerator IPO Lot Size

Dev Accelerator IPO lot size is 235 shares, wherein bidding can be done in multiples. The minimum amount that each category of investor needs to bid in this IPO is:

Dev Accelerator IPO Details: Promoter Holding

Promoters of the Dev Accelerator Limited are:

• Parth Naimeshbhai Shah
• Umesh Satishkumar Uttamchandani
• Rushit Shardulkumar Shah
• Jaimin Jagdishbhai Shah
• Pranav Niranjan Pandya
• Amisha Jaimin Shah
• Kruti Pranav Pandya
• Dev Information Technology Limited

Dev Accelerator Limited: Company Overview

Dev Accelerator Limited, also known as DevX, was incorporated in 2020. The company provides flexible office spaces, including coworking setups, to meet the needs of modern businesses.

Over the years, it has grown steadily and now operates 28 centres across 11 cities in India, with key locations in Delhi-NCR, Hyderabad, Mumbai, and Pune. Together, these centres cover about 8,60,522 square feet and offer 14,144 seats. DevX serves more than 250 clients, which include large corporates, multinational companies, and small to medium enterprises.

Its flexible workspace solutions offerings are divided into various segments, i.e., managed office spaces, coworking spaces, execution services, payroll management, and IT services.

Dev Accelerator is one of the largest managed space operators in Tier 2 markets, has a PAN-India presence, operates a customer-focused business model, along with strong financial performance, and an experienced management team.

Dev Accelerator Limited: Financial Performance

Dev Accelerator Limited’s key financials for different periods are as follows:

• Revenue from operations rose by 47%, moving from ₹108.09 crores in FY24 to ₹158.88 crores in FY25, showing strong growth in flexible workspace demand.
• Profit after tax (PAT) jumped by 306%, climbing from ₹0.44 crores in FY24 to ₹1.77 crores in FY25, marking a sharp turnaround from losses in FY23.
• EBITDA improved by 24%, increasing from ₹64.74 crores in FY24 to ₹80.46 crores in FY25, supported by better operating leverage.
• Total assets expanded by 31%, reaching ₹540.38 crores in FY25, driven by investments in new centres and infrastructure.
• Total borrowing increased by 29%, rising from ₹101.05 crores in FY24 to ₹130.67 crores in FY25, supporting the company’s expansion plans.

Dev Accelerator IPO Peer Comparison

Here is the competitor analysis of Dev Accelerator Limited:

• Dev Accelerator’s EPS is only ₹0.27, but it is still better than its peers, who have a negative EPS (Smartworks Coworking Spaces and Indiqube Spaces).
• The P/E ratio of Dev Accelerator is quite high at 233.25, highlighting its expensive valuation.
• The return on net worth is only 3.24% while the return on capital employed is 25.95%, which are lower than peers.

Dev Accelerator IPO Risk Factors

Dev Accelerator IPO GMP is ₹9 as of September 6, 2025 (at 14:55). It is expected to list at a 14.75% gain at a price of ₹70. However, GMP is not a safe or assured criterion to bid for an IPO. It is important to do your own analysis before investing in any IPO.

Dev Accelerator IPO is exposed to various risk factors that can eventually affect its business and investors’ perception:

• The company earns a large share of its revenue from clients in specific industries. For the past three financial years, most of its revenue has come from the IT and ITES sectors. Any loss of clients or a significant drop in business from these industries could negatively impact its overall performance, financial position, and cash flow.
• Although the company has a broad customer base, its top 10 clients together contribute less than 50% of total revenue from operations in each of the last three years. A decline in sales from any of these key clients could still affect the company’s business and profitability.
• Some of the company’s new clients are acquired through brokers. If these brokers continue to gain a larger market share over direct booking channels, or if competitors are able to negotiate better terms with them, it may put pressure on the company’s business, cash flow, and financial results.

For all the insights on Dev Accelerator IPO and detailed expert advice, you can download the SMC ACE App or visit the SMC telegram channels. Take smart decisions and apply for the Dev Accelerator IPO easily on the SMC ACE Apply by opening free demat account now.

Frequently Asked Questions – FAQs

1. When does the Dev Accelerator IPO open and close for subscription?

Dev Accelerator IPO opens on September 10, 2025, and closes on September 12, 2025. The allotment is expected on September 15, 2025, with the listing scheduled for September 17, 2025 on both BSE and NSE.

2. What is the price band and lot size for the Dev Accelerator IPO?

The price band is fixed at ₹56 to ₹61 per share, and the lot size is 235 shares. Retail investors can apply for a minimum of 1 lot (₹14,335) and a maximum of 13 lots (₹1,86,355).

3. How will the company use the IPO proceeds?

The funds will be used for fit-outs for proposed centres, repayment or prepayment of borrowings, and general corporate purposes.

4. What is Dev Accelerator’s financial performance in recent years?

In FY25, the company reported a 47% rise in operating revenue to ₹158.88 crores and a 306% increase in PAT to ₹1.77 crores compared to FY24. Net worth almost doubled to ₹54.79 crores, while total assets grew by 31% to ₹540.38 crores.

References:
https://www.sebi.gov.in/filings/public-issues/sep-2025/dev-accelerator-limited-rhp_96412.html
https://www.investorgain.com/gmp/dev-accelerator-ipo-gmp/1422/

Author: All Content is verified by SMC Global Securities.